中文
China Longyuan Power Group Co., Ltd., one state-owned wind power generator under China Energy Investment Corporation, reported a 23.9% year-on-year increase in its net profit attributable to equity holders in 2023, the company said in its annual announcement.
The net profit attributable to equity holders reached 6.36 billion yuan ($879 million) last year, while the group's revenue fell 5.6% on the year to 37.64 billion yuan. Basic earnings came in at 0.7398 yuan per share, up 26.20% year on year.
The change in revenue was primarily attributed to multiple factors, including falling coal sales and prices and lower thermal power sales.
In 2023, the group's sales revenue of coal in the thermal power sector slumped 49.5% from 2022 to 3.18 billion yuan and thermal power sales slid 2.4% year on year.
The average grid-connected electricity price for wind power was 457 yuan/MWh last year, down 24 yuan/MWh from a year ago, impacted by the wind power market expansion, increased evaluation projects, and structural factors.
The overall average grid-connected price for all of the company's power generation businesses was 443 yuan/MWh, down 2,524 yuan/MWh from the previous year.
China Longyuan Power newly added 4,509.83 MW of installed capacity in 2023, with wind power at 1,562.55 MW, the group said. Total electricity generation during the reporting period reached 76,225,816 MWh, with wind power contributing 61,352,968 MWh.
The average utilization hours for wind power in 2023 gained by 50 hours compared to 2022 to 2,346 hours. The group attributed the growth to enhanced fault prediction models, proactive operations, and a year-on-year rise in average wind speeds.
However, the report also noted a decrease of 2.39% in thermal power generation last year, which amounted to 10,319,796 MWh. The decline was mainly due to a significant increase in new energy installations in Jiangsu province, resulting in a higher contribution from renewables.
Wind power is China Longyuan Power's core business, generating roughly 27.50 billion yuan in revenue in 2023, accounting for 73.05% of the total revenue.
Looking ahead, the group expects China's domestic renewable energy market to continue its strong growth in 2024, with a projected electricity production capacity of over 200 GW. However, it acknowledges the downside risks of power prices due to the volatile nature of renewable energy.
In 2024, China Longyuan Power plans to commence construction on new renewable energy projects with a total capacity of 10 GW and to put into operation 7.5 GW.
(Writing by Riley Liang Editing by Harry Huo)
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