Huaneng power international issues bonds, boosts Q3 profit, plans 2026 hedging

Huaneng Power International successfully issued its 2025 technology innovation perpetual corporate bonds, raising RMB 2 bn across two tranches with interest rates of 2.05% and 2.28%. The proceeds will fund production expenses, debt repayment, and working capital. The company reported a net profit of RMB 5.579 bn for the third quarter of 2025, an 88.54% increase year-on-year, and total assets of RMB 596.198 bn.

The company recognized asset impairment provisions totaling RMB 365 m in Q3 2025, primarily from long-term assets at Huaneng Chongqing Luohuang Power Generation and Huaneng Qinbei Power Generation. Looking ahead to 2026, Huaneng Power International plans to continue engaging in financial derivative transactions to hedge against fuel price, exchange rate, and interest rate fluctuations, with transaction limits of $1.2 bn for fuel swaps, $1.7 bn for forward foreign exchange, and $300 m for interest rate swaps.

The company also announced the re-appointment of its auditors for 2026 and confirmed several routine related party transactions for 2026-2028 with China Huaneng Group and Tianjin Tiancheng Financial Leasing Co., Ltd., including equipment procurement, fuel purchases, and leasing services.