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CGN Power releases first-quarter performance

2018-04-20

CGN Power Co Ltd held a telephone conference on April 19 in which Board Secretary Wei Qiyan described the corporation’s operational performance in the first quarter of this year and its development plans for the future.

The total on-grid electricity generated by nuclear power units that are under the management of CGN Power reached 33,992.29 GWh in the first three months of 2018, a year-on-year increase of 15.51 percent, and that of its subsidiaries was 28,758.32 GWh, a rise of 11.8 percent.

Outages of nuclear power units in operation were carried out as planned while the projects under construction proceeded smoothly.

Fujian Ningde Nuclear Power Co Ltd was consolidated into CGN Power’s financial statement since Jan 1, 2017, and therefore the profit attributable to CGN Power shareholders included the revaluation gains from Ningde in the first quarter of 2017.

According to Chinese Accounting Standards for Business Enterprises, the profit attributable to CGN Power owners in the first quarter of 2018 increased by 531.58 million yuan ($84.21 million) over the same period last year, a year-on-year increase of 27.2 percent. Calculating the profit based on the International Financial Reporting Standards it was 593.35 million yuan, a year-on-year growth of 30.9 percent.

Industry development

Wei explained that the Guidance on Energy Work in 2018 would provide positive guidance on the construction, consumption, development and research of nuclear power.

According to the guidance, a group of nuclear power projects using the advanced pressurized water reactor will be constructed in coastal areas. Efforts will also be made to deal with the restricted generation of nuclear power in some regions, to carry out major projects on nuclear power technologies, to establish a sharing system for nuclear power technology and equipment test platforms, and to promote the comprehensive utilization of nuclear energy.

On the other hand, the price of coal remained at a high level, which is favorable for nuclear power generation.

The reform of the electricity industry kept deepening and more market-based on-grid power generation was transacted, which will make electricity prices more reasonable.

Prospects

CGN Power will further promote nuclear safety, ensure a safe and stable operation of all the in-service units and we will conduct a total of 13 outages throughout the year.

We will push forward projects under construction and strive to put Unit 5 of Yangjiang Nuclear Power Plant (NPP) and Unit 1 of Taishan NPP into operation. We will carry out lean management, continue to cut costs and improve efficiency, and expand markets to increase power supply.