Huaneng power reports mixed Q3 results amid green transformation

Huaneng Power International reported a 3.67% year-on-year decrease in on-grid electricity for Q3 2025 in mainland China, totaling 125,768 million kWh, contributing to a 2.87% decline for the first nine months. The average on-grid settlement price was yuan 478.71 per MWh, down 3.54%, with market-based transactions comprising 85.00% of the volume. The company attributed the decline to reduced thermal power generation, despite growth in wind and solar capacity from green transformation efforts.

In Q3 2025, the company added 2,308.10 MW of controllable generating capacity, including 1,738.96 MW of thermal, 276.80 MW of wind, and 292.34 MW of solar power. However, it also retired 480 MW of thermal power from three units. Concurrently, Huaneng Power International issued its eighth tranche of 2025 super short-term commercial paper, raising yuan 3 bn for 92 days at an interest rate of 1.46% to support working capital, debt restructuring, and repayment of maturing obligations.

The company's wholly-owned subsidiary, Tuas Power in Singapore, held a 17.81% market share in Q3 2025, down 0.79 percentage points year-on-year. For the first nine months, its market share was 18.31%, a decrease of 1.29 percentage points.