For the year ended 31 December 2017, the Group’s revenue and tariff adjustment were approximately RMB4,820,975,000 (year ended 31 December 2016: approximately RMB4,726,592,000). The Group’s profit for the year was approximately RMB403,846,000 (year ended 31 December 2016: approximately RMB400,650,000) and the Group recorded profit attributable to equity holders of the Company amounted to approximately RMB401,702,000 (year ended 31 December 2016: approximately RMB404,536,000). Basic and diluted earnings per share amounted to approximately RMB0.3385 (year ended 31 December 2016: approximately RMB0.3409) and RMB0.3385 (year ended 31 December 2016: approximately RMB0.3409).

On 30 December 2015, SPIC entered into a memorandum of understanding with CPNE, pursuant to which, SNPTC, a subsidiary of SPIC, will seek to transfer all of its nuclear power assets and businesses to the Company. At present, CPNE and SPIC are still in the discussion and negotiation in respect of the possible transaction. Save for the MOU (which contains certain legally binding provisions as disclosed in the Announcement dated 30 December 2015), no formal or legally binding agreement has been entered into between the Group and the SPIC Group in respect of the Possible Transaction. The Group understands that (i) the SPIC Group intends to progress the Possible Transaction after the completion of certain internal reorganisation which is subject to the approval by certain governmental and regulatory authorities in the PRC; and (ii) such governmental and regulatory authorities have not provided any estimated timeline for response. In 2017, the Reorganisation Proposal was approved by the shareholders, pursuant to which, the Group moved its register of members from Bermuda to Hong Kong, and its holding company has changed to CPCE (from CPNE prior to the Reorganisation Proposal).


2017 saw a drastic increase in the installed power capacity of clean energy. In respect of power generation, there was faster growth in the power generation from new energy sources such as photovoltaic and wind power, with brisk growth in additional installed capacity and improvement in wind and photovoltaic curtailment. During the year, the installed power capacity of clean energy accounted for 36.6% of the installed power capacity nationwide, with power generation amounting to 1.7 trillion kWh and accounting for 26.4% of the power generation nationwide. With respect to the supply side of power, green and clean energy, as part of the power structure, has become the general trend. Of the future power structure in China, the proportion of clean, low-carbon electricity will continue to increase. At present, China still relies on coal power generation. In the next three years, the proportion of hydropower, wind power, photovoltaic power, nuclear power and gas power generation will continue to increase.

Supported by the “13th Five-Year Plan” with respect to power development, China’s power system reform has introduced a structure in which a number of business models can be explored. It is expected that results can be achieved in stages in power transmission and distribution tariff reform, power market construction, power sales and distribution reform, and other key areas. 2017 saw a prominent uptick in the traded power volume in the national electricity market, which amounted to 1.63 trillion kWh and represented a year-on-year increase of 45.0%. This helped to relieve the wind and photovoltaic curtailment in Northeast, North and Northwest China. In 2017, there was 41.9 billion kWh in wind power curtailment nationwide and a wind curtailment rate of 12.0%, which represented a year-on-year decline of 5.2%. Thus, China has achieved a decline in both the amount of wind power curtailment and wind curtailment rate. Across the country, 7.3 billion kWh of photovoltaic power was curtailed, which represented a curtailment rate of 6.0% and a year-on-year decline of 4.3%.


Projects under construction continued to commence operation

As of 31 December 2017, the Group had commenced operation in a total of five projects, namely, Fujian Zhangpu Project (with a capacity of 44.2MW and a total installed capacity of 80.0MW), Hubei Macheng Chunyangshan Project (with a capacity of 80.0MW), Anhui Wuhu Project (with a capacity of 24.0MW), Jiangxi Ji’an Aoli Project (with a capacity of 2.5MW) and Phase I of Fujian Zhao’an Project (with a capacity of 20.0MW), with a cumulative newly installed capacity of 170.7MW in total. As of 31 December 2017, the Group’s controlled installed capacity amounted to 3,903.43MW, which represented an increase of 4.6% compared with the same period last year. During the year, the Group obtained approval from several projects, including the waste-to-energy power projects in Liaoning Beizhen, Phase II of Anhui Wuhu and Henan Shangqiu, as well as Hubei Macheng Guishan Wind Power Project. Such projects are planned to commence construction in 2018 and 2019.

Safety production

In 2017, the Group fulfilled its responsibilities for safety production management, consolidated and promoted the Health, Safety and Environmental (HSE) Management System and its application, completed safety inspections and prevention tasks for projects, while commencing various types of reconstruction projects. During the year, the Group had no incident recorded with respect to the annual safety production control target, and the safety conditions of infrastructure and production were stable and under control.