Huaneng Renewables shines in H1
Chinese wind and PV developer Huaneng Renewables installed 99MW of new wind capacity and 70MW of PV in the first half of this year, as revenue rose 2.4% from the first six months of 2013 to 2,996.1m yuan ($486.1m).
The Beijing-based company's net profit attributable to shareholders reached 686.1m yuan in the six months to 30 June, 2014, up 2.9% from the same period a year earlier. Profit before taxation reached 756.3m, up 3% on the year.
By late June, its total installed wind capacity had risen 13.3% on the year to 6.32GW, while its cumulative solar capacity had reached 400MW. Total installed capacity, including wind and PV projects, rose 20.5% on the year.
Gross power generation rose 1.8% on the year to 6,062.5GWh, including 5,833.4GWh of wind — down 2% from the first six months of 2013 — while solar generation hit 229GWh.
The company — a subsidiary of state-run utility China Huaneng Group — said its wind projects generated 1,282,314.1MWh in northern China's Inner Mongolia region, down roughly 11.3% on the year. Generation also fell 20% from the first six months of 2013 in northeastern Liaoning province to 931,442.2MWh.
However, wind generation rose 13.2% on the year in northern China's Shanxi province to 561,436.8MWh, and advanced 16.1% in Shaanxi province, in the northwestern part of the country.
Yunnan province in southwest China was also a bright spot, with wind generation spiking 16.7% from the same period last year to 887,064.6MWh.
Huaneng Renewables said its wind utilisation rate reached 960 hours, down 12.4% on the year, while solar utilisation hit 753 hours.
In the first half, the company "explored wind power resources in regions with favourable on-grid access," according to a statement to the Hong Kong stock exchange.
As a result, curtailment of its wind projects generally fell in the first half of 2014 from the first six months of 2013, it said.
Grid curtailment — the phenomenon under which utilities disconnect wind farms from congested regional grid networks in favour of other electricity-generating resources, including hydropower and combined heat and power (CHP) projects — remains a serious issue in China.
Huaneng Renewables secured approval to develop 546.5MW of wind capacity in the first half. The National Energy Administration (NEA) added roughly 1.9GW of its wind farms to the fourth batch of approved projects under the central government's 12th Five-Year Plan.
However, the company said it also remains focused on its "strategic goal of building an internationally competitive enterprise." In line with these aims, its parent signed an agreement in late March with Siemens to potentially co-operate on the development of several energy technologies, including wind.