Output by power firm rises 5.64pc

PUBLISHED : Wednesday, 08 January, 2003, 12:00am
UPDATED : Wednesday, 08 January, 2003, 12:00am

H share Shandong International Power Development recorded a 5.64 per cent year-on-year rise in power generation last year.

The independent power producer (IPP) generated 28.14 million megawatt hours (MWH) last year, up from 26.64 million MWH in 2001.

'The growth of total power generation was mainly attributable to an increase in capacity and strong demand in Shandong province,' it said.

An analyst said the generation growth was quite weak, considering power producers in Shandong province had recorded an 11.7 per cent year-on-year growth in output.

Shandong International said total installed capacity last year rose 16 per cent from 2001 to 5,494.5 MW, but average utilisation of production capacity slipped 2.4 per cent year on year to 5,514 hours as new capacity outstripped demand.

The company was forecast to post net profit of 1.39 billion yuan (about HK$1.3 billion) last year, 1.43 per cent higher than 2001's 1.37 billion yuan, according to the consensus of 25 analysts polled by Thomson First Call.

Shandong International is the province's largest IPP, with total attributable installed capacity of 6,307.5 MW.

Under the industry restructuring announced last month, the company will be grouped under China Huadian Group, together with some unlisted assets of giant State Power, and A share Heilongjiang Electric Power.