CLP said it's studying plans to build an offshore wind farm in Hong Kong waters.
"We now believe that offshore wind [farm] could be economically feasible in Hong Kong," CEO Richard Lancaster said as CLP posted an almost 150 percent surge in total earnings last year to HK$11.5 billion.
"We have a site out in the eastern waters of Hong Kong, we are reviewing the size of wind turbines and the number of wind turbines that can be fit into that site," Lancaster said.
CLP said the plan, which is in its preliminary stage, became possible thanks to maturing technology in recent years.
It said it will also focus on its natural gas power generation facilities to cut down on carbon emission.
The firm said it expected its offshore liquefied natural gas terminal and the second Combined-Cycle Gas Turbine unit at Black Point to go into service in 2022 and 2023 respectively.
In its earnings announcement on Monday, Lancaster spoke about "an unusual pattern of electricity usage in 2020" for CLP as its Hong Kong electricity business recorded a 5 percent increase in earnings to HK$7.8 billion.
Commercial demand fell by 5.2 percent as businesses were hit by Covid-19, but that was offset by a 9 percent rise in residential demand due to a hot summer and work-from-home arrangements.
Total electricity sales fell 0.9 percent year on year.
Customers won't see an increase in overall charges this year, but the end of a government subsidy scheme means bills for many will still go up.
CLP's average net tariff will be frozen at HK$1.218 per unit of electricity this year due mainly to falling international fuel prices in the past year.