Consolidated Operating Revenue: RMB184.396 million, a decrease of 3.62%.
Net Profit Attributable to Shareholders: RMB10.421 billion.
Net Profit Attributable to Parent (after non-recurring items): RMB10.028 billion, an increase of 6.73%.
Earnings Per Share: RMB0.53.
Domestic On-Grid Power Sales: 341.24 billion kilowatts per hour, an increase of 1.14%.
Average Tariff: RMB496.27 per megawatt hour, a decrease of 2.63%.
Unit Fuel Cost: RMB303.47 per megawatt hour, a decrease of 8.74%.
Installed Capacity: 140 gigawatts, with wind and solar capacity at 33.748 gigawatts.
Low-Carbon Clean Energy Capacity: 33.8% of total capacity.
Tuas Power Profit Before Tax: RMB2.247 billion, a decrease of RMB1.394 billion.
Sahiwal Power Plant Profit Before Tax: RMB670 million, an increase of RMB241 million.
Release Date: October 30, 2024
For the complete transcript of the earnings call, please refer to the full earnings call transcript.
Huaneng Power International Inc (HUNGF) achieved a net profit attributable to shareholders of RMB10.421 billion, with a 6.73% increase in net profit after deducting non-recurring profits and losses.
The company reported a slight year-on-year increase in thermal power generation, driven by increased electricity demand and tight supply in certain regions.
Huaneng Power International Inc (HUNGF) added 5,278.6 megawatts of new capacity, including significant contributions from wind and solar power, enhancing its renewable energy portfolio.
The unit fuel cost decreased by 8.74% year-on-year, reflecting effective cost control measures and optimization of coal supply.
The Sahiwal Power Plant in Pakistan achieved a record high profit before tax of RMB670 million, demonstrating strong performance in overseas operations.
Consolidated operating revenue decreased by 3.62% in the first three quarters, indicating challenges in revenue growth.
The average tariff for domestic on-grid power decreased by 2.63%, impacting revenue from power sales.
Tuas Power in Singapore experienced a significant decrease in profit before tax by RMB1.394 billion due to a decline in wholesale and retail tariffs.
The company faced increased non-operating expenses, including RMB690 million due to typhoon damage and other impairments.
Wind and solar curtailment rates increased, with wind curtailment at 5.23% and solar at 4.16%, indicating challenges in fully utilizing renewable capacity.
Q: Could you provide the third quarter average tariff for thermal, wind, and solar, and discuss the unit fuel cost trends? What is the company’s cost guidance for 2025? A: The average tariff for coal was RMB480.98 per megawatt hour, gas RMB711.67, wind RMB519.03, solar RMB430.2, hydro RMB360.86, and biomass RMB749. For 2025, we expect coal prices to decrease due to improved supply and demand dynamics. The unit fuel cost for the third quarter was RMB303.47 per kilowatt hour, down from RMB332.52 last year.
