Zheng Quan Ri Bao·2025-07-29 16:22Core Insights - The hydropower sector is experiencing a surge in project construction, with several large-scale hydropower projects expected to reach peak production in the second half of the year [1] - Companies are focusing on increasing installed capacity and integrating with renewable energy to create a low-carbon comprehensive energy service system [1] Group 1: Power Generation and Revenue Growth - Huaneng Hydropower reported a power generation of 52.752 billion kWh in the first half of the year, a year-on-year increase of 12.97% due to the full capacity operation of the TB hydropower station [2] - China Yangtze Power's six hydropower stations generated approximately 126.656 billion kWh, a year-on-year increase of 5.01% [2] - The average on-grid electricity price for hydropower companies increased by 11.62% to 0.269 yuan per kWh [2] Group 2: Profitability and Cost Structure - The hydropower industry has maintained a gross profit margin of over 30% in recent years, with low generation costs contributing to its competitive edge [3] - As renewable energy generation increases and market reforms continue, hydropower prices are expected to rise, reflecting its environmental value and market supply-demand dynamics [3] Group 3: Project Developments and Investments - Major hydropower projects are nearing completion, including the 1.116 million kW Huaneng Hydropower hard beam package project and the 860,000 kW Dadu River Jinchuan hydropower station, both expected to be operational this year [3][4] - National Energy Investment Group's collaboration with Indonesia's state power company on the 510,000 kW Batang hydropower station is set for completion by the end of the year [4] Group 4: Capital Raising and Restructuring - Several companies are actively raising funds through private placements to enhance stability in energy supply, with Guotou Power raising 7 billion yuan for hydropower projects [5] - Huaneng Hydropower plans to raise 6 billion yuan for the construction of new hydropower stations, including the RM hydropower station [5] Group 5: Integration with Renewable Energy - Hydropower stations are increasingly collaborating with wind and solar projects to provide stable output, compensating for the intermittency of renewable energy sources [6] - National Energy Investment Group is restructuring its hydropower and nuclear assets to create integrated platforms for operational efficiency [6]