Huaneng Power International reported unaudited first-half 2026 operating revenue of RMB 106.91 billion, down 4.57% year-on-year, as domestic power sales and tariffs softened. Net profit attributable to equity holders declined 28.29% to RMB 6.87 billion, translating into earnings per share of RMB 0.37.

The weaker earnings reflected a 2.97% fall in consolidated on-grid generation to 199.58 billion kWh and a 145-hour contraction in average domestic plant utilisation to 1,358 hours. Growth in national renewable capacity continued to compress output from existing units and cut the coal-fired share of the generation mix, the company said.

Cost control partly cushioned the top-line pressure. Huaneng Power trimmed coal purchases by 2.8% to 84.74 million tonnes and reduced the average untaxed standard-coal price by 2.84% to RMB 891.02 per tonne, helping fuel costs drop 6.02% to RMB 54.80 billion. Total operating expenses decreased 2.06% to RMB 91.38 billion, but the savings could not offset lower revenue. Financial expenses rose 3.17% to RMB 3.68 billion amid higher interest-bearing debt.

Regional performance diverged. Singapore subsidiary Tuas Power’s pre-tax profit fell by RMB 618 million to RMB 0.75 billion owing to higher carbon taxes and expiring high-margin contracts, while Pakistan operations delivered a pre-tax profit of RMB 0.45 billion, up RMB 15 million.

The group added 3.04 GW of controllable capacity—52.9% wind and solar—raising total installed capacity to 158.78 GW, with low-carbon sources now at 42.16% of the portfolio. Capital expenditure on construction and upgrades reached RMB 16.73 billion in the period. Net cash from operations fell 17.91% to RMB 25.24 billion, while net debt edged higher; the asset-liability ratio stood at 65.20%, up 0.63 percentage point from end-2025.

Looking ahead to the second half, management expects national power supply–demand to ease overall but warns of regional peak-load tightness and increased spot-price volatility. The company plans to intensify market analysis, optimise coal procurement, and focus on capturing high-price generation windows while accelerating its green transformation and cost-control initiatives.