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Xu Yang, reporter of Yangtze Business Daily Pentium News

The first half operating results of the multi-billion-dollar thermal power giant Huaneng International (600011.SH/00902.HK) are released.

On the evening of July 16, Huaneng International announced that according to the company's preliminary statistics, in the first half of 2024, the company's operating power plants in China completed 210.678 billion kWh of grid-connected electricity according to the consolidated financial statements, a year-on-year decrease of 0.22%; the average grid-connected settlement electricity price of the company's operating power plants in China was 498.70 yuan/MWh, a year-on-year decrease of 3.21%; the company's market-based trading electricity ratio was 86.91%, a decrease of 0.77 percentage points from the same period last year.

In this regard, Huaneng International explained that in order to ensure the power supply during the peak summer period, the company optimized the operation mode of the units in advance and arranged the maintenance time reasonably, and the thermal power generation decreased year-on-year. The company vigorously promoted green and low-carbon development, the installed capacity of wind power and photovoltaic power continued to grow, and the power generation of new energy increased rapidly year-on-year, which contributed to the narrowing of the decline in cumulative power generation in the first half of the year.

In addition, in the first half of 2024, the cumulative power generation market share of Singapore Tuas Power Pte. Ltd., a wholly-owned subsidiary of Huaneng International, was 20.4%, a year-on-year decrease of 1.2 percentage points.

Public information shows that Huaneng International is a listed company under China Huaneng Group Co., Ltd., one of the five largest power generation groups in China. Its main business is the development, construction and operation of coal-fired, gas-fired power plants and new energy power generation projects. As of June 30, 2024, the company's controllable installed power generation capacity is 138,570 megawatts, ranking first among comparable companies in the domestic industry.

Previously, affected by the rise in coal prices, Huaneng International's net profit attributable to shareholders of the parent company was a loss of 10.01 billion yuan and 7.387 billion yuan in 2021 and 2022, and its net profit excluding non-recurring items was a loss of 12.30 billion yuan and 9.422 billion yuan respectively. In 2023, Huaneng International ended two consecutive years of losses, achieving a net profit attributable to shareholders of 8.446 billion yuan and a net profit excluding non-recurring items of 5.611 billion yuan.

In the first quarter of 2024, Huaneng International's operating performance continued to maintain a good growth trend. During the reporting period, the company achieved operating income, net profit attributable to shareholders of the parent company, and net profit excluding non-recurring items of RMB 65.37 billion, RMB 4.596 billion, and RMB 4.377 billion, respectively, up 0.15%, 104.25%, and 117.98% year-on-year, respectively.

The performance change is the best reflection of the transformation results of Huaneng International. The reporter of Yangtze Business Daily Pentium News noted that Huaneng International has been continuously promoting the development and construction of clean energy projects. From January to June 2024, Huaneng International added 3044.19 MW of wind and solar power installed capacity, of which wind power and photovoltaic power installed capacity were 1054.45 MW and 1989.74 MW respectively. The newly added thermal power installed capacity was only 58 MW.

It is reported that Huaneng International is accelerating its green and low-carbon transformation and development, and continues to increase its investment in the field of new energy. In 2024, the company plans to spend 80.2 billion yuan on capital expenditures, of which 64.9 billion yuan will be spent on new energy projects, accounting for 80.9%. In the past ten years, the company's controllable installed capacity of low-carbon clean energy has increased from 6.25 million kilowatts to 43.98 million kilowatts, and the proportion of low-carbon clean energy installed capacity has exceeded 32%, which has increased significantly.