Xinhua, July 13, Beijing: In the first half of 2017, SPIC had produced an electricity output of 193.6 TWh, with a year-on-year growth of 2.35%; its realized revenue was RMB 94.054 billion, with a profit of RMB 3.2 billion and net profit of RMB 1.348 billion, ranking in the top position among five power generation groups.

In terms of different sections, the realized profits of hydropower, nuclear power, wind power and solar power in the first half year are RMB 546 million, 507 million, 1.2 billion and 1.293 billion respectively. For thermal power, which has the highest proportion of SPIC’s installed capacity, its accumulated deficit in the first half year was up to RMB 2.373 billion, with a RMB 5.839 billion yuan year-on-year decrease in profit. Over the same course of time, the coal yield of SPIC was 37.62 million tons, a year-on-year growth of 14.35%.

Meng Zhenping, the President of SPIC, said that: “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. We will do our best to hit our profit goal of RMB 8 billion by end of this year.” Meng Zhenping noted.

SPIC plans to increase about 5 GW clean energy installation capacity this year, doubling the profit. For reduction of overcapacity and deleveraging, the company has accomplished the deleveraging of 1.5 million of coal, shut down ten “zombie enterprises” and revamped nine profit-losing enterprises, ensuring that the asset-liability ratio at the end of the year will decrease to less than 81.6%.