HUANENG POWER (00902) announced operational results for 2025. During the second quarter, its mainland power plants sold 99.05 billion kilowatt-hours (kWh) of electricity under consolidated statements, marking a 1.44% year-over-year (YoY) increase. For the first half of 2025, total electricity sales reached 205.68 billion kWh, representing a 2.37% YoY decrease.
The average settlement price for electricity during H1 stood at 485.27 yuan per megawatt-hour (MWh), down 2.69% compared to the same period last year. Market-based electricity transactions accounted for 84.64% of total sales, declining 2.27 percentage points YoY.
Management attributed the overall volume reduction to two counteracting factors: While the company's green transition drove substantial growth in wind and solar generation capacity, resulting in increased renewable energy output, this positive development was offset by declining coal-fired power generation. The contraction in thermal power stemmed from abundant market supply coupled with nationwide expansion of renewable energy installations.
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