Shanghai Electric forecasts Over 500% YoY Profit Surge in Q3, driven by coal margins and green transition success.
Photo by Fan Jianlei
By FENG Yuchen
Shanghai Electric Power Co., Ltd., China's largest power producer, anticipates a surge in profits for Q3, projecting net earnings between 1.35 billion yuan (US$180 million) to 1.60 billion yuan, a YoY increase of over 500 percent. The boost is attributed to improved margins in coal-fired power and the company's green transition.
In H1 2023, Shanghai Electric posted a profit of 788 million yuan, 20 times more than a year ago. If this trend continues, it may mark the company's best performance in five years.
For the first nine months of this year, Shanghai Electric's total power generation reached 560 billion kWh, up 20.6 percent YoY. Coal-fired power led the surge, reaching 395 billion kWh, a 28.6 percent YoY increase.
Zhejiang Zheneng Electric Power is poised for significant growth too, projecting net profits of 5.2 billion yuan to 6.7 billion yuan for the first three quarters, both ten times last year's levels.
Several power companies, including Datang Power, Jiangsu Guoxin, and Longyuan Power, anticipate Q3 performance growth of over 100 percent.
In the renewable energy sector, Gansu Energy should perform best, up by more than 50 percent.
Jintou Power in Shanxi Province is expected to make a loss of 120 million yuan due to increased standby time for thermal power units and reduced spot trading prices.