Huadian Power International Corporation Limited reported that its cumulative gross power generation for the first three quarters of 2026 fell 13.06% year on year (YoY) to 175.04 million MWh, while on-grid electricity sales retreated 13.19% to 164.27 million MWh. Despite lower dispatch, the Group’s average on-grid tariff increased 1.86% YoY to RMB 519.01 per MWh, up RMB 9.46 per MWh.
Management attributed the generation decline to three simultaneous pressures: (1) unusually high hydropower output in key regions during the summer, constraining thermal generation; (2) cooler-than-usual temperatures versus the prior-year comparable period; and (3) rising new-energy capacity that reduced dispatch hours for coal-fired units, whose share of the Group’s installed base continued to fall.
Plant-level data highlight the changing mix: • Thermal flagship Jiangsu Huadian Energy contributed 27.97 million MWh in the nine-month period—about 16% of the Group’s total output—but still faced YoY volume pressure. • Huadian Hubei Power Generation (14.54 million MWh) and Huadian Laizhou (11.05 million MWh) were the next-largest contributors, underscoring the Group’s geographic diversification. • Hydropower subsidiaries led by Sichuan Huadian Luding, Za-gunao and Power Investment generated a combined 7.09 million MWh, benefiting from favorable water inflows. • Photovoltaic facilities remained nascent, with only 0.01 million MWh of cumulative on-grid output in the period.
The modest tariff uplift partially mitigated volume pressure, but the magnitude of the generation shortfall suggests revenue headwinds for the January-September period under PRC GAAP. The Group’s operational data point to an intensified competitive landscape, with renewable energy additions and robust hydrology challenging traditional coal-fired assets.
Huadian Power stated no further guidance beyond the disclosed operating figures. The Board composition remains unchanged as of 16 October 2026.
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