Fourth Quarter 2023 Operating Results

SDIC Power Holdings Co., LTD

12 January 2024

 

SDIC Power Holdings Co., Ltd.  

(GDR under the symbol: "SDIC")

Fourth Quarter 2023 Operating Results

This announcement contains the English translation of the Chinese version of "SDIC Power Holdings Co., Ltd. Fourth Quarter 2023 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 40.773 TWh of gross electricity generated and 39.738 TWh of net electricity generated in Q4 2023, representing increase of 6.92% and 6.99% respectively compared with the same period last year. From January to December 2023, the company's domestic holding enterprises have completed a total of 161.775 TWh of gross electricity generated and 157.456 TWh of net electricity generated, representing an increase of 3.37% and 3.24% respectively compared with the same period last year.

In Q4 2023, the average on-grid tariff of the company's domestic holding enterprises is 0.371 RMB / kWh, representing an increase of 4.21% compared with the same period last year. From January to December 2023, the average on-grid tariff of the company's domestic holding enterprises is 0.374 RMB / kWh, representing an increase of 6.55% compared with the same period last year.

The operating results of the company's domestic holding enterprises in 2023 Q4 is as followed:

Items	Gross Electricity Generated (TWh)			Net Electricity Generated (TWh)			Average On-grid Tariff (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	24.652	23.654	4.22%	24.505	23.515	4.21%	0.303	0.28	8.21%
Thermal Power	13.566	12.905	5.12%	12.73	12.089	5.30%	0.471	0.478	-1.46%
Wind Power	1.556	1.17	32.92%	1.517	1.141	32.93%	0.499	0.489	2.04%
Solar Power	0.999	0.405	146.78%	0.987	0.399	147.39%	0.569	0.76	-25.13%
Total	40.773	38.135	6.92%	39.738	37.144	6.99%	0.371	0.356	4.21%

The operating results of the company's domestic holding enterprises from January to December 2023 is as followed:

Items	Gross Electricity Generated (TWh)			Net Electricity Generated (TWh)			Average On-grid Tariff  (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	94.206	99.193	-5.03%	93.643	98.621	-5.05%	0.3	0.272	10.29%
Thermal Power	58.122	50.591	14.89%	54.559	47.323	15.29%	0.472	0.481	-1.87%
Wind Power	6.494	4.874	33.25%	6.338	4.757	33.24%	0.486	0.508	-4.33%
Solar Power	2.953	1.841	60.36%	2.916	1.818	60.42%	0.665	0.845	-21.30%
Total	161.775	156.5	3.37%	157.456	152.518	3.24%	0.374	0.351	6.55%

Explanation of year-on-year changes in gross electricity generated of domestic power plants from January to December in 2023:

1.The main reason for the overall year-on-year decrease in hydropower generation:

The water inflow in various hydropower basins is below normal.

2. The main reasons for the overall year-on-year increase in thermal power generation are firstly due to the increased social electricity consumption in some regions and secondly due to the impact of less rainfall.

3. The main reasons for the overall year-on-year increase in wind power generation are as follows:

Firstly, the company put into operation and acquired several wind power projects. Secondly, wind resources in some areas were better than the same period last year.

4. The main reasons for the overall year-on-year increase of solar power generation are as follows:

Firstly, the company put into operation several solar power projects. Secondly, solar resources in some areas were better than the same period last year.

Explanation of year-on-year changes in average on-grid tariff of domestic power plants from January to December in 2023:

Affected by settlement prices and settlement cycles, the on-grid prices of various power plants have fluctuated. Among them:

The price of thermal power is entirely market-driven, with prices slightly lower compared to the same period previously. The decrease in wind and solar power prices is mainly due to the increasing marketization of the power sector, and the newly commissioned units in the company being part of grid parity projects. The increase in the price of Yalong River hydropower compared to the same period last year is mainly due to the price increase for the Jinguan to Jiangsu transmission.

In addition, 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 December in 2023:

The 50,000 kW onshore wind power project Afton Wind Farm Limited has completed a total power generation of 119 million kWh from January to December in 2023; The 9,800 kW waste-to-energy power project in Bangkok has completed a total power generation of 65 million kWh from January to December in 2023.

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

January 12, 2024

 

END