Cross-Provincial Power Supply Weighs on Coal-Fired IPPs; Falling Coal Price Will Be a Growth Driver
Despite a nationwide slowdown in power consumption growth, China Resources Power's operating performance in November lagged industry peers, with power sales volume falling 8.4% year over year versus 3.6% nationwide growth. This was largely driven by an 8.8% decline in the firm’s coal-fired power output, reflecting rising pressure coming from the cross-provincial power supply amid stricter environmental controls in coastal regions. This is in line with our expectations, and we expect west-to-east...Huaneng Power International is engaged in investment, construction, operation and management of power plants. Through its subsidiaries, Co. is also engaged in power generation; development of wind power project; production and sale of electricity; heat supply; construction and operation of power plants and related construction projects; wholesale of coal; construction, operation and management of hydropower, cogeneration power and related projects; provision of utility services; and consultancy in waste recycling industrial waste management and recycling. As of Dec 31 2010, Co. had controlling generation capacity and equity-based generation capacity of 50,935 MW and 45,340 MW, respectively.
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