Huaneng's profit falls 46% in grid jam
Source: Bloomberg News |
March 20, 2013, Wednesday
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Print Edition
Print Edition
HUANENG Renewables Corp, a clean-energy unit of China's biggest electricity producer, said profit tumbled 46 percent last year as grid bottlenecks limited the amount of electricity that could be produced from its wind farms.
Net income fell to 558 million yuan (US$89.7 million) in 2012 from 1.02 billion yuan a year earlier, the unit of China Huaneng Group Corp said yesterday in a filing to the Hong Kong stock exchange. Profit was projected at 591 million yuan, according to the mean of five analyst estimates compiled by Bloomberg News. Revenue rose 26 percent to 4.03 billion yuan.
Growth in wind power in China has been limited by the electricity grid's ability to handle the influx of energy, forcing tighter approvals on new projects and slow the development of the industry. Installations of wind turbines in China fell 18 percent to 15.9 gigawatts last year from 2011, according to Bloomberg New Energy Finance data.
Net income fell to 558 million yuan (US$89.7 million) in 2012 from 1.02 billion yuan a year earlier, the unit of China Huaneng Group Corp said yesterday in a filing to the Hong Kong stock exchange. Profit was projected at 591 million yuan, according to the mean of five analyst estimates compiled by Bloomberg News. Revenue rose 26 percent to 4.03 billion yuan.
Growth in wind power in China has been limited by the electricity grid's ability to handle the influx of energy, forcing tighter approvals on new projects and slow the development of the industry. Installations of wind turbines in China fell 18 percent to 15.9 gigawatts last year from 2011, according to Bloomberg New Energy Finance data.
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