Awards and Recognitions - Shandong Qingyun Shangtang Wind Power Project, Anqiu Huangminshan Wind Power Project, and Linqu Wind Power Project were awarded the "Excellent New Energy and Renewable Energy Enterprise for 2022" by Shandong Province Electricity Association[19] - Gansu Hongshagang Wind Power Project received the "Safety Management Excellence Award" and "Outstanding Contribution Award" in the Hongshagang Industrial Cluster Area for 2022[20] - The company obtained the first-class project of "National Power Industry Equipment Management Innovation Achievements for 2022" by the China Electric Equipment Management Association[21] - Inner Mongolia Kezuo Zhongqi Photovoltaic Poverty Alleviation Project was assessed as an "Integrity-compliant Enterprise" by the Inner Mongolia Autonomous Region Development and Reform Commission[23] - The company's Huaiyin Liulaozhuang Wind Power Project in Jiangsu Province was awarded the "Top Ten Excellent Wind Farm Stations" in 2023[25] - The company won eleven titles at the 9th Investor Relations Awards from the Hong Kong Investor Relations Association (HKIRA), including the "Grand ESG Award" (mid cap) and "Best IR Company" for three consecutive years[25][43] - The company was awarded the first-class project of "National Power Industry Equipment Management Innovation Achievements" in March 2023 for its efforts in turbine control system optimization[173] - The company's Minqin Wind Power Project and Hongshagang Wind Power Project in Gansu Province each won a second-class prize in the "2023 Electric Power Industry Equipment Management and Technological Innovation Achievements" [184] - The company's Dongzhi Zhaotan Wind Power Project in Anhui Province won one second-class prize, and the Dingyuan Phase I Fishing-Photovoltaic Power Complementary Project won two second-class prizes in the "Electric Power Industry Problem-Solving Topics Quality Management Activities" [184] - The company's Zhangbei Xinsheng Wind Farm in Hebei Province was awarded "5A-level Unit in the Benchmarking of Production and Operation Statistical Indicators for National Wind Farms in China" [186] - The company's Leling Zhuji Wind Farm in Shandong Province was awarded "4A-level Unit in the Benchmarking of Production and Operation Statistical Indicators for National Wind Farms in China" [186] - The company's Leling Tieying Photovoltaic Power Station in Shandong Province was awarded "4A-level Unit in the Benchmarking of Production and Operation Statistical Indicators for National Solar Photovoltaic Power Stations in China" [186] - The company's Qingyun Shangtang, Anqiu Huangminshan, and Linqu Wind Power Projects in Shandong Province were awarded the "Excellent New Energy and Renewable Energy Enterprise for 2022" [186] - The company's Hongshagang Wind Power Project in Gansu Province won the "Safety Management Excellence Award" and the "Outstanding Contribution Award" in 2022 [186] - The company's Kezuo Zhongqi Photovoltaic Poverty Alleviation Project in Inner Mongolia was assessed as an "Integrity-compliant Enterprise" [186] - The company's Huaiyin Liulaozhuang Wind Power Project in Jiangsu Province was awarded "Top Ten Excellent Wind Farm Stations" in the "2023 China Wind Power Industry Top 50 Selection Event" [186] - The company's Dongzhi Photovoltaic Project in Anhui Province won the "Quality Engineering Award" from the Anhui Province Electric Association [186] Financial Performance - Profit attributable to equity shareholders in 2023 was $267.7 million, a 37.2% increase compared to the previous year[33] - Basic earnings per share for 2023 was $6.24 cents (equivalent to HK$48.66 cents per share)[33] - EBITDA decreased by 2.8% compared to 2022, while profit attributable to equity shareholders increased by 37.2% and revenue decreased by 9.8%[83] - Total revenue for the year ended 31 December 2023 was $2,193.0 million, with operating profit of $552.5 million and net profit attributable to equity shareholders of $267.7 million[119] - Korea Projects profit decreased from $79.5 million in 2022 to $71.5 million in 2023, mainly due to decreased power generation[120][124] - PRC Coal-fired, Cogen and Gas-fired Projects turned from a loss of $43.2 million in 2022 to a profit of $16.4 million in 2023, driven by lower market coal prices[121][125] - PRC Wind Projects revenue increased due to higher power generation, but profit decreased from $286.2 million in 2022 to $269.0 million in 2023 due to higher operating expenses and depreciation[122][126] - PRC Solar Projects revenue remained stable, but profit decreased from $45.7 million in 2022 to $29.0 million in 2023 due to increased loss allowances and goodwill impairment[123][127] - Total segment revenue for 2023 was $2,192,977 thousand, with $1,012,714 thousand from power plants in the PRC and $1,151,008 thousand from power plants in Korea[161] - Total segment results for 2023 were $396,430 thousand, with $303,791 thousand from power plants in the PRC and $91,246 thousand from power plants in Korea[161] - Segment revenue for power plants in the PRC decreased by 1.2%, mainly due to the decrease in weighted average tariffs of PRC Cogen and Hydro Projects[159] - Segment revenue for power plants in Korea decreased by 16.4%, primarily due to a decrease in power generation and weighted average tariff of electricity[164] - Segment results for power plants in Korea increased by 7.2%, mainly due to a decrease in impairment losses on property, plant, and equipment[164] - Segment results for power plants in the PRC increased by 5.8%, primarily due to a decrease in impairment losses on property, plant, and equipment[161][162] Installed Capacity and Power Generation - The company's attributable installed capacity reached 9,622.8 MW by the end of 2023, a 7.1% year-on-year increase[33] - New attributable installed capacity added in 2023 was 644.8 MW[33] - Power generation in 2023 reached 19,076.6 GWh, remaining stable compared to the previous year[33] - The company's newly commissioned attributable installed capacity in 2023 included 18.7 MW of wind power and 581.1 MW of solar power[42] - The company added 18.7 MW of wind power and 581.1 MW of solar power in 2023, and successfully commissioned a 45 MW natural gas distributed generation project in Hubei[46] - Total attributable installed capacity reached 9,622.8 MW as of 31 December 2023, a 7.1% year-on-year increase, with wind and solar accounting for 64.4% of total capacity[133][134] - Wind power installed capacity increased by 18.7 MW (0.4%) to 4,437.8 MW, while solar power capacity increased by 572.6 MW (48.2%) to 1,759.4 MW in 2023[134][135] - Newly added attributable installed capacity in 2023 included 599.8 MW from wind and solar projects and 45.0 MW from gas-fired projects[133][134] - Total electricity generated by the Group's consolidated power generation projects in 2023 amounted to 19,076.6 GWh, remaining stable compared to 2022[146] - PRC wind projects generated 10,367.7 GWh in 2023, a 10.6% increase from 2022, driven by existing wind projects and newly commissioned solar projects[147] - PRC solar projects generated 1,733.5 GWh in 2023, a 2.4% increase from 2022, mainly due to contributions from newly commissioned solar projects[147] - PRC cogen and gas-fired projects generated 387.1 GWh in 2023, a 6.7% year-on-year increase, driven by higher electricity demand in Jiangsu Province[147] - PRC hydro projects generated 227.0 GWh in 2023, a 53.5% year-on-year decrease, due to the expiration of the Fushi I hydro project cooperation in Guangxi[149] - Korea projects generated 6,361.3 GWh in 2023, a 12.6% year-on-year decrease, primarily due to reduced power dispatch load of gas-fired projects[151] - The Group sold 2,970,000 tonnes of steam in 2023, a 3.8% decrease compared to 2022[151] - Average utilization hours for PRC wind projects remained stable at 2,285 hours in 2023, compared to 2,284 hours in 2022[152] - Average utilization hours for PRC coal-fired projects decreased to 4,545 hours in 2023 from 5,018 hours in 2022, due to reduced local demand[152] - Korea gas-fired projects' average utilization hours decreased to 3,514 hours in 2023 from 4,065 hours in 2022, mainly due to lower power generation at the Yulchon II Power Project[153] Energy Transition and Renewable Energy Development - By the end of 2023, the nationwide installed capacity of power generation reached 2,919.7 GW, a 13.9% year-on-year increase, with non-fossil energy power generation exceeding thermal power generation for the first time[40] - The combined installed capacity of grid-connected wind power and solar power exceeded 1,000 GW by the end of 2023, accounting for over one-third of the total installed capacity[40] - China's total installed power generation capacity reached 2,919.7 GW by the end of 2023, a year-on-year increase of 13.9%[45] - Non-fossil energy power generation capacity exceeded thermal power for the first time in 2023, accounting for 53.9% of total capacity, while coal power dropped below 40%[45] - Combined installed capacity of grid-connected wind and solar power exceeded 1,000 GW, accounting for over one-third of total capacity, an increase of 6.4 percentage points year-on-year[45] - The first batch of large-scale wind and photovoltaic base projects in desert, Gobi, and barren areas have all started, with the second batch of projects also underway[87] - The NEA issued guidelines in 2023 to promote the grid connection and operation of large-scale wind and photovoltaic base projects, and to plan for offshore solar farms[88] - China and the US issued a statement in 2023 to triple global renewable energy capacity by 2030 and accelerate renewable energy deployment in their respective economies[89] - The National Development and Reform Commission (NDRC) and the National Energy Administration (NEA) jointly issued a notice to expand the scope of spot market construction, with most regions outside the Tibet Autonomous Region expected to meet trial operation conditions for settlement by the end of 2023[98][103] - The NDRC issued the "National Carbon Peak Pilot Construction Program," selecting 100 representative cities and zones nationwide to carry out carbon peak pilot construction, focusing on energy infrastructure, energy-saving, and carbon-reducing projects[99] - The NDRC and NEA jointly issued a notice to establish a capacity tariff mechanism for coal power, transitioning from a single-part tariff to a two-part tariff, reflecting market-based electricity volume pricing and gradually adjusting capacity tariffs based on transition progress[100] - The NEA issued a notice to promote large-scale development of solar thermal power generation, aiming for an annual new construction scale of about 3 GW during the "14th Five-Year Plan" period[102] - The NEA issued the "Blue Book on the Development of New Power Systems," outlining a "three-step" development approach with key tasks including hydropower, nuclear power, new energy, and biomass power generation development[106] - The NEA issued a notice on pilot demonstration of new energy storage, aiming to drive innovation in technology and business models through pilot projects and support policies[105] - The NDRC and other departments issued the "Implementation Program for Demonstration Projects of Green and Low-carbon Advanced Technologies," targeting key areas such as deep-sea wind, advanced power grid, green hydrogen, and CCUS by 2025[107] - The NDRC, Ministry of Finance, and NEA jointly issued a notice to achieve full coverage of green certificate issuance for renewable energy projects, promoting renewable energy consumption[96] - The NEA issued a notice to organize renewable energy development pilot demonstrations, including projects like deep-sea wind, advanced photovoltaic, and green energy demonstration zones[96] - The company highlighted progress in energy transition, with over 90 GW of peaking potential tapped and rapid growth in lithium batteries, compressed air, and flow battery projects[101] - Offshore wind power indicators in 2023 reached 25 GW, including 16 GW in national jurisdiction sea areas, marking a shift towards deep-sea development[111] - China developed the world's largest 18 GW offshore wind turbine, reducing project costs and enhancing economic efficiency[112] - The Group's attributable installed capacity as of December 31, 2023, was 9,622.8 MW, with 83.8% from clean and renewable energy projects[117] - The Group's operations in China accounted for 77.5% of its total installed capacity, while Korea accounted for 22.5%[117] - The "Guiding Opinions on Strengthening the Stability of the Power System in the New Situation" emphasized the transformation of new energy from passive access to active support[108] - The "Notice on Exploring and Promoting the Work of Establishing Multidimensional Layered Rights in Sea Areas" encourages multi-dimensional sea use, benefiting new energy enterprises[113] - The Korean power market is undergoing energy structure transformation, with increased competition expected to hinder profitability for gas-fired power generation companies[115] Tariffs and Fuel Prices - Weighted average tariff for PRC Wind Projects remained stable at RMB 0.56 per kWh in 2023, compared to RMB 0.57 per kWh in 2022[155] - Weighted average tariff for PRC Solar Projects remained stable at RMB 0.64 per kWh in 2023, compared to RMB 0.64 per kWh in 2022[155] - Weighted average tariff for PRC Hydro Projects decreased to RMB 0.24 per kWh in 2023 from RMB 0.30 per kWh in 2022, mainly due to the expiration of the Fushi I hydro project cooperation[155] - Weighted average tariff for Korea Gas-fired Projects decreased to KRW 232.12 per kWh in 2023 from KRW 251.67 per kWh in 2022, in line with the decrease in gas prices in Korea[155] - PRC weighted average standard coal price decreased to RMB 1,187.6 per ton in 2023 from RMB 1,436.5 per ton in 2022, due to a decrease in market coal prices[157] - Korea weighted average gas price decreased to KRW 1,107.6 per Nm3 in 2023 from KRW 1,228.6 per Nm3 in 2022, influenced by the decrease in Japanese Crude Cocktail prices[157] Regional Installed Capacity - The company's total installed capacity in Guangdong is 16.4 MW, in Shanghai is 4.5 MW, and in Hainan is 124.3 MW[48][49] - The company's total installed capacity in Anhui is 66.2 MW and 394.6 MW, and in Shanxi is 199 MW[50] - The company's total installed capacity in Zhejiang is 404.2 MW and 137.6 MW, and in Hebei is 104.6 MW[51] - The company's total installed capacity in Hubei is 24 MW, 100 MW, 251.5 MW, and 2,020 MW[52] - The company's total installed capacity in Shandong is 567.6 MW and 35 MW[53] - The company's total installed capacity in Fujian is 8.9 MW, and in Jiangsu is 554 MW, 231 MW, and 63 MW[54] - Total installed capacity in Zhejiang, China is 404.2 MW, with an additional 137.6 MW[75] - Total installed capacity in Hubei, China is 24 MW, with an additional 100 MW and 251.5 MW, and 2,020 MW through associates (49% stake)[76] - Total installed capacity in Fujian, China is 8.9 MW, and in Korea, it is 507 MW, 1,549.1 MW, and 109.5 MW[77] - Total installed capacity in Shandong, China is 567.6 MW and 35 MW, while in Shaanxi, it is 0.7 MW[81] - Total installed capacity in Jiangsu, China is 554 MW, 231 MW, and 63 MW[82] Corporate Social Responsibility and Community Engagement - The company's Shengsi 56 Offshore Wind Power Project in Zhejiang Province commenced a fish stocking scheme in June 2023, promoting fishery efficiency and increasing fishermen's income[176] - The company's Rudong H8 Offshore Wind Power Project in Jiangsu Province built emergency rescue points around offshore wind turbines in June 2023, available for use by fishermen and nearby victims[176] - The company's Renxian Phase I Wind Power Project in Hebei Province donated to the Xingtai Charity Federation in August 2023 for disaster relief and post-disaster reconstruction work in Renze District[179] - The company's Dachaidan Solar Project in Qinghai Province donated to the Experimental Primary School in Delingha City in August 2023, benefiting approximately 830 students, including 270 ethnic minority students[180] - The company was awarded a medal by the Delingha Municipal People's Government for its donation project, recognized as a "School-Enterprise Twinning and Supporting Caring Enterprise"[180] - The company was invited to attend the opening ceremony of the 19th Western China International Fair and the 11th Western China International Cooperation Forum in June 2023, highlighting its role in Western China's opening up and cooperation[182] Technology and Innovation - The company focused on digital operation and maintenance, developing intelligent equipment to achieve unattended operation of wind and photovoltaic power stations[169] - The company promoted the integration of advanced offshore wind power technology, including floating wind and photovoltaic power, and new power systems[170] Segment Assets and Liabilities - Segment assets for power plants in the PRC increased to $6,894,919 thousand in 2023, up from $6,743,376 thousand in 2022, mainly due to increased purchases of property, plant, and equipment[165][166] - Segment liabilities for power plants
中广核新能源(01811) - 2023 - 年度财报