REG - SDIC Power Holdings - Second Quarter 2024 Operating Results

SDIC Power Holdings CoAnnouncement

19/07/2024 15:00

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RNS Number : 1370X  SDIC Power Holdings Co., LTD  19 July 2024

SDIC Power Holdings Co., Ltd.

(GDR under the symbol: "SDIC")

 Second Quarter 2024 Operating Results

 

 

This announcement contains the English translation of the Chinese version of
"SDIC Power Holdings Co., Ltd. Second Quarter 2024 Operating Results" as
published on the website of the Shanghai Stock Exchange, and is provided for
your reference only. In case of discrepancy between the Chinese version and
the English version, the Chinese version shall prevail.

 

According to the preliminary statistics of SDIC Power Holdings Co., Ltd. ("the
company"), the company's domestic holding enterprises have completed a total
of 37.822 TWh of gross electricity generated and 36.813 TWh of net electricity
generated in Q2 2024, representing an increase of 14.63% and 15.25%
respectively compared with the same period last year. From January to June
2024, the company's domestic holding enterprises have completed a total of
77.364 TWh of gross electricity generated and 75.260 TWh of net electricity
generated, representing an increase of 8.53% and 8.66% respectively compared
with the same period last year.

 

In Q2 2024, the average on-grid tariff of the company's domestic holding
enterprises is 0.366 RMB / kWh, representing a decrease of 9.41% compared with
the same period last year. From January to June 2024, the average on-grid
tariff of the company's domestic holding enterprises is 0.377 RMB / kWh,
representing a decrease of 2.84% compared with the same period last year.

 

The operating results of the company's domestic holding enterprises in 2024 Q2
is as followed:

 

 Items        Gross Electricity Generated                           Net Electricity Generated                             Average On-grid Tariff

              (TWh)                                                 (TWh)                                                 (RMB / kWh, including tax)

              Current period  Same period last year  Change (YOY%)  Current period  Same period last year  Change (YOY%)  Current period  Same period last year  Change (YOY%)
 Hydropower   21.886          15.988                 36.89%         21.755          15.877                 37.02%         0.292           0.322                  -9.32%
 Thermal      13.003          14.581                 -10.82%        12.184          13.687                 -10.98%        0.467           0.472                  -1.06%

 Power
 Wind Power   1.761           1.822                  -3.33%         1.719           1.78                   -3.42%         0.457           0.499                  -8.42%
 Solar Power  1.172           0.605                  93.76%         1.155           0.597                  93.42%         0.55            0.769                  -28.48%
 Total        37.822          32.996                 14.63%         36.813          31.941                 15.25%         0.292           0.322                  -9.41%

 

The operating results of the company's domestic holding enterprises from
January to June 2024 is as followed:

 

 Items          Gross Electricity Generated                           Net Electricity Generated                             Average On-grid Tariff

                (TWh)                                                 (TWh)                                                  (RMB / kWh)

                Current period  Same period last year  Change (YOY%)  Current period  Same period last year  Change (YOY%)  Current period  Same period last year  Change (YOY%)
 Hydropower     43.321          39.364                 10.05%         43.059          39.122                 10.06%         0.305           0.312                  -2.24%
 Thermal Power  28.164          27.462                 2.56%          26.438          25.776                 2.57%          0.465           0.472                  -1.48%
 Wind Power     3.543           3.359                  5.49%          3.461           3.279                  5.53%          0.475           0.494                  -3.85%
 Solar Power    2.336           1.1                    112.39%        2.302           1.086                  112.01%        0.55            0.795                  -30.82%
 Total          77.364          71.285                 8.53%          75.26           69.264                 8.66%          0.377           0.388                  -2.84%

 

Explanation of year-on-year changes in gross electricity generated of domestic
power plants from January to June in 2024:

 

1. The main reason for the year-on-year increase in hydropower generation is
due to the abundant water inflow in the basins of various hydropower stations.

 

2. The main reasons for the increase in power generation by thermal power
enterprises in Fujian are the increase in social electricity consumption and
external power transmission in Fujian Province. The main reason for the
decline in power generation by thermal power enterprises in Guangxi and
Guizhou is the abundant regional water inflow, which has squeezed the space
for thermal power generation. The two 660,000-kilowatt units of SDIC Qinzhou
Second Power Co., Ltd. were put into operation in December 2023 and April
2024, respectively, increasing power generation.

 

3.The main reason for the overall year-on-year increase in wind power
generation is the successive commissioning of multiple projects.

 

4. The main reason for the overall year-on-year increase in solar power
generation is the successive commissioning of multiple projects.

 

Explanation of year-on-year changes in average on-grid tariff of domestic
power plants from January to June in 2024:

 

Due to the impacts of settlement prices and billing cycles, the grid
electricity prices of various power plants have fluctuated. Among them:

 

1.The electricity price for thermal power follows a "quantity price + capacity
price" two-part tariff system, and the price has decreased compared to the
same period last year.

2.The decrease in solar power electricity prices compared to the same period
is mainly because the newly commissioned units by the company are projects
with grid parity.

3. Main reasons for the year-on-year decrease in electricity prices for
Xiaosanxia is due to the price fluctuations in the spot market.

4. Main reasons for the year-on-year decrease in electricity prices for Yalong
river hydropower:

Firstly, the electricity price base was relatively high in the same period
last year.

Secondly, changes in the power generation structure, where a significant
improvement in water inflow in June led to a substantial increase in power
generation, but this portion of the power enjoys the flood season electricity
price, which is relatively lower.

 

Moreover, Yangfanggou has not yet defined the electricity price mechanism, and
Lianghekou is temporarily settled according to the transition period
electricity price.

 

 

Operating results of overseas power plants from January to June in 2024:

The 50,000 kW onshore wind power project Afton Wind Farm Limited has completed
a total power generation of 64 million kWh from January to June in 2024; The
9,800 kW waste-to-energy power project in Bangkok has completed a total power
generation of 39 million kWh from January to June in 2024.

 

The Board of Directors of SDIC Power Holdings Co., Ltd.

 

July 19, 2024

 

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