On March 20, CR Power announces its annual Performance in 2023. In 2023, the company had turnover of HKD 103.334 billion and net profit of HKD 11.003 billion, representing an increase of HKD 3.961 billion or 56.2% from 2022. The core profit contribution of renewable energy business was HKD 9.726 billion, a year-on-year increase of 12.5%; the core profit contribution of thermal power business was HKD 3.611 billion, an increase of HKD 6.193 billion compared with 2022, turning losses into gains.
During the reporting period, the Company has been doubling efforts to expand the installed capacity and vigorously develop renewable energy. By the end of 2023, the Company had an operating installed capacity of 77,324 MW and an attributable operational generation capacity of 59,764 MW. Among them, the attributable operational generation capacity of wind power, PV and hydropower generation projects was 22,597 MW, accounting for 37.8% of the total, up 5.5 percentage points from the end of 2022. In 2023, the Company added 6,458 MW of grid-connected installed capacity for wind power and PV projects, acquired about 1,220 MW of equity installed capacity for renewable energy projects through M&A, with a total increase of 7,678 MW, and obtained 19,500 MW of renewable energy project construction indicators, including 9,740 MW for wind power projects and 9,760 MW for PV projects.
The Company's annual electricity sales of subsidiary power plants were 193,265 GWh, up 4.7% from 2022, of which the electricity sales of wind farms and PV power stations increased by 12.4% and 111.8% respectively from 2022. The electricity sales of subsidiary thermal power plants increased by 2.3% year-on-year. The average full-load utilization hours of subsidiary coal-fired power plants in operation throughout the year are 4,688 hours, and the average utilization hours of subsidiary wind farms and PV power stations are 2,451 hours and 1,480 hours respectively.
In 2023, the average unit fuel cost of subsidiary coal-fired power plants was RMB 296.3 per MWh, down 12.6% from 2022; the average unit price of standard coal was RMB 987.5 per ton, down 12.6% from 2022. The average standard coal consumption for power supply of subsidiary coal-fired power plants is 297.17 g/kWh, which is 0.08 g or 0.03% lower than that in 2022.
Looking ahead, the Company will continue to develop renewable energy, with an installed capacity target of 10,000 MW for new wind power and PV projects in 2024. During the "14th Five-Year Plan", the Company aims to add 40,000 MW of installed renewable energy capacity. It is expected to account for more than 50% by the end of the "14th Five-Year Plan" (i.e. the end of 2025). To this end, the Company has further optimized the organizational structure to enable employees and managers to give full play to their enthusiasm, so as to develop new wind power and PV projects in target markets. The Company strives to reduce carbon emissions and formulates an action plan for "carbon peaking and carbon neutrality" to provide path guidance for achieving this goal.