SPIC is planning to increase its renewable energy installation capacity this year by 5 GW, effectively doubling its profits. The company has moved away from coal, shutting down ten ‘zombie enterprises’ and revamped nine other loss-making enterprises, thus ensuring that its asset-liability ratio by the end of the year will decreate to less than 81.6 percent.
The company generated 193.6 TWh of electricity during the first half of 2017, representing a growth of 2.35 percent and generated a realised revenue of 94.054 billion Renminbi (RMB) with a profit of 3.2 billion RMB and a net profit of 1.348 billion RMB, thereby securing the company’s place in the top five Chinese power generation groups. Of this, hydropower generated 546 million RMB, wind 1.2 billion RMB and solar 1.293 billion.
“In spite of the great distance between the profit in the first half year and the annual target, with the declination of coal price, partial decrease of electric price and the coming of the peak of production load in the third quarter, as well as our stepped up efforts, SPIC’s expectation of this year will still be good” said SPIC President Meng Zhenping. “We will do our best to hit our profit goal of RMB 8 billion by end of this year.”
SPIC was established in May 2015 through the merger of China Power Investment Corporation and State Nuclear Power Technology Corporation and incorporation a state-owned capital investment company. It is one of China’s top five power generators and an integrated energy group focusing on power generation. It currently has a total installed capacity of 117 GW, including 71.457 GW of thermal power, 21.6 GW of hydropower, 4.4752 GW of nuclear power, 7.1184 GW of solar power and 11.9822 GW of wind power. Clean energy accounts for 42.9 percent of the total.
The company is also a Fortune Global 500 company with a presence in 36 countries, including Japan, Australia, Malta, India, Turkey, Pakistan, Brazil and Myanmar.
Image: SPIC main offices in Beijing, China
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