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China

Longyuan wind soars as coal splutters

CHINA: Longyuan Power has posted first quarter results that show its wind business booming, shoring up its faltering conventional power business.

Longyuan generated 5.88TWh in the first quarter
Longyuan generated 5.88TWh in the first quarter

China's largest wind energy developer brought in CNY 2.8 billion ($454 million) in revenues from its wind energy business, a 17% increase on the same period last year.

This was in contrast to the performance of the company's coal power division, which saw its revenues fall by 20%.

Energy generated from wind power was up 9% on a year ago at 5.88TWh, while energy from coal fell by 11% to 2.34TWh.

The strong showing from the wind division, combined with a fall in expenses, led to an increase in group profit, from CNY 883,573 to CNY 972,373.

China's wind energy market is back on track after its recent slump, with grid-connected wind power standing at 75.48GW by the end of 2013, up by 24% with 14.06GW of newly added capacity, according to China Electricity Council's latest report.

The improvement of the grid and the connection of a large number of turbines that had been standing idle waiting for a grid link will no doubt have been a boon to Longyuan, although there is still 16GW waiting for connection in the country.

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