Huaneng Power International reported 1H 2026 consolidated revenue of RMB 106.91 billion, down 4.57% year-on-year. Net profit attributable to equity holders contracted 28.29% to RMB 6.87 billion, translating into earnings per share of RMB 0.37.

The decline was driven by a 2.97% drop in domestic on-grid electricity sales to 199.58 billion kWh and a 145-hour fall in average utilisation to 1,358 hours, reflecting rapid national renewables expansion and a smaller share of coal-fired output. Singapore subsidiary Tuas Power contributed a pre-tax profit of RMB 745 million, down RMB 618 million owing to higher carbon taxes and expiring high-margin retail contracts. Pakistan operations produced a pre-tax profit of RMB 451 million, up RMB 15 million.

Fuel costs fell 6.02% to RMB 54.80 billion as coal procurement volume edged down 2.8% to 84.74 million tonnes and the ex-tax unit coal price slipped 2.84% to RMB 891.02 per tonne. Group operating expenses declined 2.06% to RMB 91.38 billion, while financial expenses rose 3.17% to RMB 3.68 billion.

Capital expenditure reached RMB 16.73 billion, adding 3.04 GW of controllable capacity—53% wind, 31% solar and 16% thermal. Total controllable installed capacity rose to 158.78 GW, with low-carbon and clean energy (wind, solar, hydro, gas and biomass) accounting for 42.16%.

Total assets grew 0.89% to RMB 625.17 billion; the debt-to-equity ratio increased 0.63 percentage point to 65.20%. Net current liabilities stood at RMB 83.87 billion, backed by more than RMB 430 billion in undrawn credit facilities.

Looking ahead, management expects a generally balanced domestic power supply-demand landscape with potential peak-season shortages. The company plans to accelerate development of strategic emerging businesses, optimise its generation mix and strengthen cost control to support its 15th Five-Year Plan targets.