CGN sees continued growth in first half of 2016
26 August 2016
CGN Power Company Limited - China's largest nuclear power plant operator - announced a 36.3% increase in revenue in the first six months of 2016 to CNY13.1 billion ($2.0 billion), compared with the same period last year.
In a 24 August statement to the Hong Kong Stock Exchange, CGN Power - the publicly traded subsidiary of China General Nuclear (CGN) - also said it saw profits rise 3.4% during the six-month period, to CNY3.6 billion.
"In the first half of 2016, the electric power supply and demand in China was generally easing back," the CGN said. "The growth of demand for power consumption of certain provinces where the company's nuclear power generating units located was slow. Certain units operated at reduced load or went on standby temporarily."
CGN added, "In respect of production and sale of electric power, through the collective efforts of all employees, we strived to ensure the supply of electricity as planned while actively achieving more market power generating with regard to the market conditions."
As of 30 June, CGN managed 16 power reactors (including Fangchenggang 1), with a total installed capacity of 17,090 MWe. The company achieved "on-grid power generation" of 47,886 GWh in the first half of 2016, up almost 32% from the same period in 2015. The units had an average capacity factor of 90.17% and an average load factor of 73.92%, compared with that of 77.82% and 75.07% during the first half of 2015.
CGN noted that Yangjiang 3 and Fangchenggang 1 had started commercial operations on 1 January 2016.
The group also managed 12 reactors under construction (including three units in which it holds a minority stake) with total installed capacity of 14,650 MWe.
As of 30 June, among the nine reactors under construction that CGN wholly owns or is a majority shareholder, two were in the grid connection phase, two in the commissioning phase, three in the equipment installation phase and two in the civil construction phase.
According to CGN, "The total installed capacity of the operating units and units under construction accounted for approximately 59.79% and 49.71% of the market share in Mainland China."
The company said, "Having regard to the regional power market conditions and the production planning arrangements, the expected time for Hongyanhe unit 4 to commence commercial operations has been adjusted from the first half of 2016 to the second half of 2016."
In addition to Ningde 4, which entered commercial operation on 21 July, CGN said both Hongyanhe 4 and Fangchenggang 2 will begin commercial operations by the end of this year.
CGN said it is "still facing a complex external market environment" and would "closely follow the reform progress of the electricity market and the promulgation of the 13th Five-Year Plan for nuclear power and strive to obtain the support from national and local policies".
Researched and written
by World Nuclear News