Three Gorges Water navigates lawsuit, Q3 power generation up but cumulative figures fall

Chongqing Three Gorges Water Conservancy & Electric Power announced a lawsuit involving its controlled subsidiary, Guizhou Wuling Mining, as a defendant in a construction contract dispute. The case, filed by Hunan Lianshao Construction Engineering (Group) Co., Ltd., involves CNY 37,340,100 in principal and interest as of July 18, 2025.

Concurrently, the company released its Q3 2025 operational data, showing a 27.50% increase in power generation to 825.67 million kWh and a 27.55% rise in on-grid power to 817.38 million kWh for the quarter compared to the previous year. However, cumulative figures for the first three quarters of 2025 reflect a 5.98% decrease in total power generation and a 5.96% decrease in on-grid power, attributed primarily to reduced water inflows. Total electricity sales for the first three quarters were 1,080.662 million kWh, a 1.08% increase year-over-year, with an average electricity price of CNY 0.4862/kWh.

Additionally, the company reported no new guarantees in September 2025 under its 2025 guarantee plan. Its wholly-owned subsidiary, Chongqing Fuling Julong Electric Power Co., Ltd., provided a CNY 3,150,000 guarantee for its 31.5%-owned associate, Chongqing Kerker New Material Co., Ltd., bringing the total outstanding guarantee balance to CNY 323,209,130 as of September 30, 2025, representing 29.30% of the net assets attributable to shareholders in 2024.