Longyuan profits on wind strength
Longyuan recorded a net profit of 719m yuan ($114.9m) in the first quarter, as revenue from its wind power business surged 16.8% on the year to 2.79 billion yuan.
The Chinese power group generated nearly 5.9 million MWh of electricity from its wind farms, up 8.78% from the same period in 2013. Coal power generation fell 10.72% on the year to roughly 2.3 million MWh.
The group’s installed wind capacity reached 11.9GW, up 12.96% from the first three months of last year.
Its wind business spans all of China, but it has installed the most capacity in the northeastern provinces of Heilongjiang and Liaoning, as well as western Gansu province and the Inner Mongolia and Xinjiang regions.
Installed capacity gains were spread throughout China, with capacity jumping 179.10% to 277.7MW in the western Ningxia region and 52.38% to 528MW in southwestern Yunnan province.
The results suggest that curtailment, which has dogged China's wind sector in recent years, continues to ease. Grid congestion kept up to 11GW of turbines from generating full power in 2013, costing operators roughly $1.6bn in lost revenue.
Longyuan, China’s biggest wind-power operator, is aggressively expanding into other international markets. In October, it secured an order for 244MW of wind turbines in South Africa.