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New UserHuaneng Power Swung to Loss in 2021 on Higher Coal Costs
23 Mar 2022
Huaneng Power International Inc. swung to a loss in 2021, thanks to significantly higher coal costs.
The Chinese power-generating company said late Tuesday that full-year net loss was 10.64 billion yuan ($1.67 billion), compared with net profit of CNY2.38 billion the year before.
Huaneng's 2021 operating revenue was CNY204.61 billion versus CNY169.45 billion in 2020.
The company said it was "affected by the significant increase in the coal price," adding that fuel costs for power generation rose 51% from the previous year to CNY316.36 a megawatt-hour.
Huaneng reported a 13% rise in electricity generation to 457.34 billion kilowatt-hours in 2021. Electricity sold also rose 13% to 430.17 billion kilowatt-hours, it added.
The company said it aimed to develop clean-energy sources and optimize its thermal-power production, and set an annual domestic power-generation target of about 465 billion kilowatt-hours.
Huaneng also said it would strive to sign more medium- and long-term coal supply contracts and strengthen its inventory management to reduce coal-procurement costs.
The company didn't declare a dividend for 2021.