Core Viewpoint - Huaneng International Power Co., Ltd. reported a decline in electricity generation for 2025, with a total of 437.563 billion kWh, representing a year-on-year decrease of 3.39% [1][2] Group 1: Electricity Generation Performance - In Q4 2025, the company's electricity generation in China was 106.112 billion kWh, down 5.00% year-on-year [1] - The average on-grid settlement price for electricity in 2025 was 477.08 RMB/MWh, a decrease of 3.48% compared to the previous year [1] - The proportion of market-oriented electricity trading for the year was 85.43%, a decline of 1.92 percentage points from the previous year [1] Group 2: Reasons for Decline - The decline in electricity generation was primarily due to the company's ongoing green and low-carbon transition, which increased wind and solar capacity, leading to a rise in renewable energy generation [2] - The growth of clean energy sources has impacted the generation capacity of coal-fired power plants, resulting in a decrease in coal-fired electricity generation [2] Group 3: Installed Capacity Changes - In Q4 2025, the company shut down several units, including three 140 MW units at Huaneng Linyi Power Co., and two 145 MW units at Huaneng Jining Canal Power Co. [4] - The company acquired new energy assets, adding 131 MW of controllable generation capacity [4] - For the entire year, the company added 12,055 MW of controllable generation capacity, with 7,862 MW from renewable sources and a shutdown of 1,190 MW [4] - As of December 31, 2025, the total controllable generation capacity was 155,869 MW, with 45,687 MW from renewable sources [4] Group 4: Market Share - In Q4 2025, the market share of electricity generation for the wholly-owned Singapore Tais Energy Co., Ltd. was 18.2%, showing no significant change year-on-year [3] - The annual cumulative market share for the company was 18.3%, a decrease of 0.9 percentage points compared to the previous year [3]

公司电量下降的主要原因是：公司持续推进绿色低碳转型，风电和光伏装机容量持续增长，促进新能源 电量同比增长;但受新能源等清洁能源挤占煤机发电空间等因素影响，公司煤机电量同比下降。 华能国际（600011）电力股份(00902)公布，2025年第四季度，公司中国境内各运行电厂按合并报表口 径完成上网电量1,061.12亿千瓦时，同比下降5.00%;2025年全年，公司中国境内各运行电厂按合并报表 口径累计完成上网电量4,375.63亿千瓦时，同比下降3.39%;2025年全年公司中国境内各运行电厂平均上 网结算电价为人民币477.08元╱兆瓦时，同比下降3.48%。2025年全年，公司市场化交易电量比例为 85.43%，比去年同期下降1.92个百分点。 ...

公司电量下降的主要原因是：公司持续推进绿色低碳转型，风电和光伏装机容量持续增长，促进新能源 电量同比增长;但受新能源等清洁能源挤占煤机发电空间等因素影响，公司煤机电量同比下降。 智通财经APP讯，华能国际电力股份(00902)公布，2025年第四季度，公司中国境内各运行电厂按合并报 表口径完成上网电量1,061.12亿千瓦时，同比下降5.00%;2025年全年，公司中国境内各运行电厂按合并 报表口径累计完成上网电量4,375.63亿千瓦时，同比下降3.39%;2025年全年公司中国境内各运行电厂平 均上网结算电价为人民币477.08元╱兆瓦时，同比下降3.48%。2025年全年，公司市场化交易电量比例 为85.43%，比去年同期下降1.92个百分点。 ...

公司电量下降的主要原因是：公司持续推进绿色低碳转型，风电和光伏装机容量持续增长，促进新能源 电量同比增长；但受新能源等清洁能源挤占煤机发电空间等因素影响，公司煤机电量同比下降。 格隆汇1月16日丨华能国际电力股份(00902.HK)公告，2025年第四季度，公司中国境内各运行电厂按合 并报表口径完成上网电量1,061.12亿千瓦时，同比下降5.00%；2025年全年，公司中国境内各运行电厂 按合并报表口径累计完成上网电量4,375.63亿千瓦时，同比下降3.39%；2025年全年公司中国境内各运 行电厂平均上网结算电价为人民币477.08元╱兆瓦时，同比下降3.48%。2025年全年，公司市场化交易 电量比例为85.43%，比去年同期下降1.92个百分点。 ...

Core Viewpoint - The report highlights the significant progress made by Dezhou in achieving its "dual carbon" strategic goals, focusing on the development of renewable energy and the optimization of coal power generation, with a commitment to building a clean, low-carbon, safe, and efficient new energy system [1][2][3] Group 1: Energy Consumption Transformation - The city is promoting a transition to green energy consumption by implementing energy consumption control measures and enhancing the green and low-carbon development of chemical parks through tailored strategies [1] - Continuous improvement in energy efficiency has been achieved through industrial structure adjustments and the development of energy-saving and carbon-reducing technologies, leading to a sustained decrease in energy intensity [1] Group 2: Energy Supply Transformation - Dezhou is actively developing distributed renewable energy and exploring a comprehensive hydrogen energy industry chain, with a focus on the Linyi Huayi Hydrogen Energy Industrial Park for clean hydrogen fuel cell research and production [2] - The city has constructed 229 geothermal projects, covering a heating area of approximately 2,150,740 square meters, and is advancing the transformation and upgrading of traditional coal power generation [2] Group 3: Energy Technology Transformation - The city has initiated the development of new energy storage facilities, securing 18 demonstration projects with a total capacity of 2,905,000 kilowatts, and has completed 7 projects totaling 855,000 kilowatts [3] - Dezhou has been approved for several national-level pilot projects in the energy sector, including hydrogen energy regional trials and large-scale applications of vehicle-grid interaction [3]

2025年全年，公司新增可控发电装机容量为12,055兆瓦，其中新能源装机容量为7,862兆瓦；关停装机容 量为1,190兆瓦；此外部分机组容量调整。截至2025年12月31日，公司可控发电装机容量为155,869兆 瓦，其中新能源装机容量为45,687兆瓦。 格隆汇1月16日丨华能国际(600011.SH)公布，根据公司初步统计，2025年第四季度，公司中国境内各运 行电厂按合并报表口径完成上网电量1,061.12亿千瓦时，同比下降5.00%；2025年全年，公司中国境内 各运行电厂按合并报表口径累计完成上网电量4,375.63亿千瓦时，同比下降3.39%；2025年全年公司中 国境内各运行电厂平均上网结算电价为477.08元/兆瓦时，同比下降3.48%。2025年全年，公司市场化交 易电量比例为85.43%，比去年同期下降1.92个百分点。 公司电量下降的主要原因是：公司持续推进绿色低碳转型，风电和光伏装机容量持续增长，促进新能源 电量同比增长；但受新能源等清洁能源挤占煤机发电空间等因素影响，公司煤机电量同比下降。 ...

证券代码: 600011 证券简称: 华能国际 公告编号:2026-002 公司已于近日完成了华能国际电力股份有限公司2026年度第二期超短期融 资券（"本期债券"）的发行。本期债券发行额为30亿元人民币，期限为27天，单 位面值为100元人民币，发行利率为1.42%。 本期债券由渤海银行股份有限公司和兴业银行股份有限公司为主承销商组 织承销团，通过簿记建档、集中配售的方式在全国银行间债券市场公开发行。本 期债券募集资金将用于补充公司营运资金、调整债务结构、偿还银行借款及即将 到期的债券。 本期债券发行的有关文件已在中国货币网和上海清算所网站上公告，网址分 别为www.chinamoney.com.cn和www.shclearing.com.cn。 特此公告。 华能国际电力股份有限公司董事会 2026 年 1 月 17 日 华能国际电力股份有限公司 关于超短期融资券发行的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗 漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 华能国际电力股份有限公司（"公司"）2024年年度股东大会于2025年6月24 日通过决议，同意公 ...

华能国际电力股份有限公司 2025年全年上网电量完成情况公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗 漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 证券代码: 600011 证券简称: 华能国际 公告编号:2026-003 | 机组种类/ | | | 上网电量 | | | --- | --- | --- | --- | --- | | 地区 | 年 月 2025 10-12 | 同比 | 年 月 2025 1-12 | 同比 | | 宁夏 | 0.03 | -0.25% | 0.21 | 2.15% | | 光伏 | 0.03 | -0.25% | 0.21 | 2.15% | | 北京市 | 18.85 | 10.69% | 75.99 | 1.55% | | 煤机 | 0.26 | -2.66% | 0.78 | -44.26% | | 燃机 | 18.59 | 10.91% | 75.21 | 2.43% | | 天津市 | 10.19 | -26.05% | 46.60 | -18.36% | | 煤机 | 9.78 | -9.70% | 38.35 ...

Core Viewpoint - The news highlights the significant development of renewable energy in Qingyang City, with a projected addition of 5.42 million kilowatts of new energy capacity by 2025, reaching a total of 8 million kilowatts, and an expected annual power generation of 12.836 billion kilowatt-hours, representing a 223% year-on-year increase [1][2]. Group 1: Renewable Energy Development - Qingyang City aims for a leap in renewable energy development by 2025, with a focus on integrated development of wind, solar, thermal, storage, and hydrogen [1]. - The city is advancing major renewable energy projects, including the "Lao Dian Ru Lu" ±800 kV UHVDC project, which will deliver over 36 billion kilowatt-hours of electricity annually to Shandong, with more than half coming from renewable sources [2]. - A 6 million kilowatt renewable energy project by Huaneng has been successfully connected to the grid, enhancing energy supply stability through a multi-energy complementary approach [2]. Group 2: Integration with Digital Economy - Qingyang is integrating renewable energy development with the digital economy, launching a 5 million kilowatt green electricity aggregation project to support data centers [4]. - The project aims to provide clean electricity to data centers, significantly reducing operational costs for digital enterprises [4]. Group 3: Energy Infrastructure and Grid Development - The city is investing in grid infrastructure to enhance the capacity for accommodating and dispatching large-scale clean energy, with several major projects completed to optimize the grid structure [7]. - The establishment of a balanced development model for energy consumption and delivery is underway, focusing on centralized renewable energy development in the north and new load centers in the south [7]. Group 4: Future Prospects and Projects - Future projects include the construction of a hydrogen energy comprehensive utilization demonstration base and the development of a natural gas combined heat and power project for the "East Data West Computing" industrial park [9]. - By the end of the 14th Five-Year Plan, the city aims to achieve a hydrogen energy production scale of 100,000 tons, with an industry output value exceeding 4 billion yuan [9].

Core 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]