PVTIME – On 19 January 2024, China Three Gorges Renewables (Group) Co.,Ltd.(Three Gorges/CTGR, 600905.SH), China Three Gorges Corporation’s (CTG) alternative energy subsidiary, responsible for CTG’s new energy business and its mission to develop new energy, has released its unaudited annual performance data.
In 2023, its revenue is estimated to be 26.451 billion yuan (US$3,676,689,000), up 11.08% year on year, while net profit attributable to listed shareholders is estimated to be approximately 7.346 billion yuan (US$1,021,094,000), up 4.5% year on year, and earnings per share is estimated to be 0.2566 yuan, up 4.44% year on year
CTGR stated that the reasons for the increase in financing were mainly due to the increase in total newly installed capacity and newly connected capacity, which led to a 14.12% increase in power generation. However, there was a higher decline in test revenue than in the previous year, resulting in a lower profit contribution than in the previous year. In addition, depreciation, operating costs and production safety costs increased to varying degrees. Furthermore, the fluctuating profitability of subsidiaries and joint ventures may lead to a year-on-year decline in the investment result.
What is more, on 11 January 2024, CTGR disclosed its Q4 and annual power generation data for 2023 based on preliminary analysis.
As of 31 December 2023, CTGR generated a total of 15.146 billion kWh in the fourth quarter of 2023, representing a year-on-year increase of 16.19%. CTGR generated a total of 10.979 billion kWh from wind power, which is an 11.06% YoY increase, 3.090 billion kWh from solar power, which is a 33.32% YoY increase, and 207 million kWh from hydroelectricity, which is a 0.49% YoY increase. Additionally, its independent energy storage unit generated 51 million kWh, which is a 363.64% YoY increase.
Overall, CTGR achieved an annual renewable energy generation of 55.179 billion kWh, representing a 14.12% YoY increase. Among them, wind power generated 38.956 billion kWh, marking a 14.75% YoY increase. Solar power generated 15.354 billion kWh, a 14.23% YoY increase, while hydroelectricity generated 771 million kWh, a 16.20% YoY decrease. Additionally, its independent energy storage system generated 98 million kWh, a 139.02% YoY increase in electricity.
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