Zheneng Electric's Q1 profit declines amid price pressures

Zhejiang Zheneng Electric Power (SSE:600023) reported a decline in first-quarter net profit during its 2024 annual and 2025 first-quarter performance briefing held on April 30, 2025. The company's net profit attributable to shareholders was CNY 1.074 billion, reflecting pressure from decreased electricity pricing and lower profitability from its invested enterprises. While coal prices have been decreasing, the primary factors affecting profitability remain electricity prices and power generation volumes. The company anticipates that declining coal prices should result in gradual improvements in performance in upcoming quarters. Zheneng Electric is also actively involved in the developing electricity spot market, aiming to optimize its participation in accordance with market regulations. The company highlighted future growth drivers, including ongoing construction projects such as the Binhai Thermal Power Unit 9, Jiaxing Power Plant Unit 9, and Taizhou Phase II Units 3 and 4.