China General Nuclear (CGN) on 24 August announced a 36.3% year-on-year increase in revenue in the first six months of 2016 to CNY13.1bn ($2bn), compared with the same period last year. In a statement to the Hong Kong Stock Exchange, CGN Power, CGN’s publicly traded subsidiary, reported profits up 3.4% to CNY3.6bn.
China General Nuclear (CGN) on 24 August announced a 36.3% year-on-year increase in revenue in the first six months of 2016 to CNY13.1bn ($2bn), compared with the same period last year. In a statement to the Hong Kong Stock Exchange, CGN Power, CGN’s publicly traded subsidiary, reported profits up 3.4% to CNY3.6bn.
"In the first half of 2016, the electric power supply and demand in China was generally easing back," the CGN said. "The growth of demand for power consumption of certain provinces where the company's nuclear power generating units located was slow. Certain units operated at reduced load or went on standby temporarily."
At the end of June, CGN managed 16 power reactors with a total installed capacity of 17,090MWe. The company achieved "on-grid power generation" of 47,886GWh in the first half of 2016, up almost 32% year on year. The units had an average capacity factor of 90.17% and an average load factor of 73.92%, compared with that of 77.82% and 75.07% during the first half of 2015.
The group also managed 12 reactors under construction (including three units in which it holds a minority stake) with total installed capacity of 14,650MWe. Of the nine reactors under construction that are wholly owned or in which CGN is a majority shareholder, two were in the grid connection phase, two in the commissioning phase, three in the equipment installation phase and two in the civil construction phase at the end of June. "The total installed capacity of the operating units and units under construction accounted for approximately 59.79% and 49.71% of the market share in Mainland China," the company said.
CGN said it is "still facing a complex external market environment" and would "closely follow the reform progress of the electricity market and the promulgation of the 13th Five-Year Plan for nuclear power and strive to obtain the support from national and local policies".