Asia Viewpoint: by Ma Dongwei

GD Power Development, under the group of China Energy Capital Holdings, revealed in its report for the first half of 2024 that its net profit grew 127.35% on year to a historical high of Yuan 6.716 bil.

An increase in power consumption in China, robust hydropower generation and the installation of new energy facilities resulted in a rise in power generation of the company in the first half of the year. During this period, power generation amounted to 213.75 bil kW, of which 202.969 bil kW were supplied to the grid, an increase from the same period last year by 3.19% and 3.34%, respectively. Heating supply in the first half of 2024 reached 112 mil gigajoules, up 11.54% on year.

In the first half of the year, 2023 hours were used for power generation, down 91 hours on year. Electricity traded in the market accounted for 92.31% of grid-connected electricity, down 0.19 percentage points from the same period last year. The average price of grid-connected electricity in the first half of the year was Yuan 439.21 yuan/kWh, down 3.64% on year. Due to these factors, the company's operating income decreased slightly compared with the same period last year. In the first half of the year, the total operating income was Yuan 85.828 billion, down 3.22% year-on-year.

The installation of new energy facilities also showed an increase. In the first half of 2024, the company installed 1.77 mil kW of new energy facilities, including 230,000kW of wind power and 1.54 kW of solar power.