格隆汇10月22日丨国电电力(600795.SH)公布，经初步统计，2025年前三季度，公司合并报表口径完成发电量3492.41亿千瓦时，上网电量3321.34亿千瓦时，较上年同期分别增长0.68%和 2025年三季度，公司合并报表口径完成发电量1432.15亿千瓦时，上网电量1363.33亿千瓦时，较上年同期分别增长7.57%和7.58%，参与市场化交易电量占上网电量的89.86%；平均上网电 截至2025年9月30日，公司合并报表口径控股装机容量12324.14万千瓦，其中火电7929.3万千瓦，水电1495.06万千瓦，风电1042.85万千瓦，光伏1856.93万千瓦。2025年三季度公司火 ...

Core Viewpoint - The company reported an increase in power generation and grid-connected electricity volume for the first three quarters of 2025, indicating stable growth in operational performance [1] Group 1: Performance Metrics - The company achieved a total power generation of 349.241 billion kilowatt-hours and grid-connected electricity of 332.134 billion kilowatt-hours, representing year-on-year growth of 0.68% and 0.74% respectively [1] - On a comparable basis, the growth rates for power generation and grid-connected electricity were 1.69% and 1.75% year-on-year [1] - The volume of electricity traded in the market accounted for 90.89% of the total grid-connected electricity [1] Group 2: Pricing Information - The average grid-connected electricity price was reported at 396.02 yuan per thousand kilowatt-hours [1]

Core Viewpoint - Jingneng Power's electricity generation in the first three quarters of 2025 shows a decline in total output, primarily driven by a decrease in thermal power generation, while renewable energy generation has significantly increased [1] Summary by Category Electricity Generation - The total electricity generation for the first three quarters (January to September) reached 71.675 billion kWh, representing a year-on-year decrease of 3.02% [1] - Thermal power generation accounted for 68.570 billion kWh, with a year-on-year decline of 5.98% [1] - Renewable energy generation totaled 3.105 billion kWh, showing a substantial year-on-year increase of 220.06% [1] Grid-connected Electricity - The cumulative grid-connected electricity for the first three quarters was 66.469 billion kWh, reflecting a year-on-year decrease of 2.91% [1] - Thermal power contributed 63.421 billion kWh to the grid, with a year-on-year decline of 6.05% [1] - Renewable energy grid-connected electricity reached 3.048 billion kWh, marking a year-on-year increase of 219.53% [1] Third Quarter Performance - In the third quarter (July to September), thermal power generation was 27.087 billion kWh, with a slight year-on-year increase of 0.06% [1] - The grid-connected thermal power for the third quarter was 25.194 billion kWh, also showing a minor year-on-year increase of 0.12% [1] - Renewable energy generation in the third quarter was 0.693 billion kWh, with a year-on-year increase of 62.21% [1] - The grid-connected renewable energy for the third quarter was 0.675 billion kWh, reflecting a year-on-year increase of 59.27% [1]

Core Viewpoint - The company reported a decrease in total power generation for the first three quarters of 2025, with a notable increase in renewable energy generation despite a decline in thermal power generation [1] Group 1: Power Generation - The total power generation reached 71.675 billion kWh, representing a year-on-year decrease of 3.02% [1] - Thermal power generation accounted for 68.57 billion kWh, showing a year-on-year decline of 5.98% [1] - Renewable energy generation totaled 3.105 billion kWh, marking a significant year-on-year increase of 220.06% [1] Group 2: Power Supply - The total on-grid electricity reached 66.469 billion kWh, reflecting a year-on-year decrease of 2.91% [1] - Thermal power on-grid electricity was 63.421 billion kWh, with a year-on-year decline of 6.05% [1] - Renewable energy on-grid electricity amounted to 3.048 billion kWh, indicating a year-on-year increase of 219.53% [1]

Core Insights - The company reported a total power generation of 93.363 billion kWh for the first three quarters of 2025, representing a year-on-year decrease of 0.61% [1] Generation Breakdown - Coal power generation reached 65.925 billion kWh, down 3.65% year-on-year [1] - Gas power generation was 19.334 billion kWh, remaining stable year-on-year [1] - Wind power generation increased to 3.976 billion kWh, up 10.84% year-on-year [1] - Solar power generation surged to 3.203 billion kWh, marking an 82.09% increase year-on-year [1] - Hydropower generation totaled 0.388 billion kWh, up 14.45% year-on-year [1] - Biomass power generation reached 0.537 billion kWh, increasing by 8.48% year-on-year [1] Grid Connection Data - The total grid-connected electricity generation was 88.572 billion kWh, a decrease of 0.52% year-on-year [1] - Coal power connected to the grid was 61.873 billion kWh, down 3.61% year-on-year [1] - Gas power connected to the grid was 18.939 billion kWh, remaining stable year-on-year [1] - Wind power connected to the grid was 3.796 billion kWh, up 10.83% year-on-year [1] - Solar power connected to the grid was 3.111 billion kWh, reflecting an 80.56% increase year-on-year [1] - Hydropower connected to the grid was 0.375 billion kWh, up 13.64% year-on-year [1] - Biomass power connected to the grid was 0.478 billion kWh, increasing by 9.38% year-on-year [1]

Core Viewpoint - Huaneng International reported a slight increase in electricity generation in Q2 2025, but a decline in the first half of the year, indicating mixed performance in the energy sector [1] Group 1: Electricity Generation - In Q2 2025, the company's electricity generation reached 99.049 billion kWh, representing a year-on-year increase of 1.44% [1] - For the first half of 2025, the total electricity generation was 205.683 billion kWh, showing a year-on-year decrease of 2.37% [1] Group 2: Pricing and Market Dynamics - The average on-grid settlement price for electricity in the first half of 2025 was 485.27 yuan per MWh, which is a year-on-year decrease of 2.69% [1] - The proportion of market-based trading electricity volume was 84.64%, down by 2.27 percentage points compared to the same period last year [1]