Ge Long Hui A P P·2025-10-15 11:48Core Viewpoint - Huaneng International (600011.SH) reported a decline in electricity generation and average settlement prices for the third quarter of 2025, attributed to the company's ongoing green and low-carbon transition, which has increased renewable energy capacity while reducing coal-fired generation [1] Group 1: Electricity Generation - In Q3 2025, the company's total electricity generation in China reached 125.768 billion kWh, a year-on-year decrease of 3.67% [1] - For the first three quarters of 2025, the cumulative electricity generation was 331.451 billion kWh, down 2.87% year-on-year [1] Group 2: Average Settlement Price - The average on-grid settlement price for electricity in the first three quarters of 2025 was 478.71 yuan/MWh, reflecting a year-on-year decrease of 3.54% [1] Group 3: Market Transaction Volume - The proportion of market-based electricity transactions for the first three quarters of 2025 was 85.00%, a decrease of 2.06 percentage points compared to the same period last year [1] Group 4: Reasons for Decline - The decline in electricity generation is primarily due to the company's focus on green and low-carbon transformation, which has led to an increase in wind and solar capacity, thereby boosting renewable energy generation year-on-year [1] - Additionally, factors such as relaxed supply and demand conditions and increased renewable capacity have reduced the operational space for coal-fired generation, contributing to the decline in coal-fired electricity output [1]