This article explores the challenges associated with governing the competing objectives of energy security and environmental sustainability. It examines this challenge in the context of Hong Kong and the city's recent fuel mix consultation. Based on the results of ten interviews with public and private stakeholders in the Hong Kong power sector, the findings analyze the perceptions of stakeholders with respect to the tension between sustainability and core pillars of energy security accessibility, affordability and reliability. It concludes with four policy recommendations for managing and potentially moving beyond the energy dilemma, including suggestions for locally feasible sustainable energy, long-term pathways to decarbonization, policy changes on tariffs, incentives and pricing, and collaboratively co-governing clean energy.