Ge Long Hui·2026-01-16 10:28Core Viewpoint - Huaneng International (600011.SH) reported a decline in electricity generation and average settlement prices for 2025, attributed to the company's ongoing transition to green and low-carbon energy sources, which has increased renewable energy capacity but reduced coal-fired generation [1] Group 1: Electricity Generation - In Q4 2025, the company's electricity generation in China was 106.112 billion kWh, a year-on-year decrease of 5.00% [1] - For the entire year of 2025, the total electricity generation was 437.563 billion kWh, down 3.39% compared to the previous year [1] - The average settlement price for electricity in 2025 was 477.08 yuan/MWh, reflecting a year-on-year decrease of 3.48% [1] Group 2: Market Dynamics - The proportion of market-based electricity transactions for the year was 85.43%, a decrease of 1.92 percentage points from the previous year [1] - The decline in electricity generation is primarily due to the increased penetration of renewable energy sources, which has reduced the operational capacity of coal-fired plants [1] Group 3: Capacity Changes - In 2025, the company added a controllable power generation capacity of 12,055 MW, with 7,862 MW coming from renewable sources [1] - The company decommissioned 1,190 MW of capacity during the same period [1] - As of December 31, 2025, the total controllable power generation capacity was 155,869 MW, with renewable capacity accounting for 45,687 MW [1]