CGN New Energy Power Generation Declines In June In Spite Of Solar Projects Surge; Stock Down

(RTTNews) - CGN New Energy Holdings Co. Ltd (CGEGF) said on Wednesday that it recorded a total consolidated power generation of 1,403.5 GWh in June this year, down 1.3 percent from the same period last year.

The Hong-Kong based power plant operator said that the performance varied across project types, namely power generation from wind projects in China dropped by 4.2 percent, while solar projects rose 27.5 percent.

According to the company, gas-fired projects in China declined 30 percent, hydropower projects fell by 18.9 percent, and projects in Korea recorded a marginal dip of 0.6 percent.

CGN New Energy Holdings said that for the first half of the year, its total power generation amounted to 9,575.5 GWh, down 0.9 percent from the year-ago period. During this period, wind power in China rose by 4.1 percent, and solar power increased by 11.5 percent, reflecting the Group's growing focus on renewable energy. However, gas-fired generation plummeted by 42.5 percent, hydropower declined by 28.4 percent, and Korean operations registered a 9.4 percent decrease in output.

According to the company, the overall decline in June's power generation was mainly due to significant reductions in wind power output across several Chinese provinces like Gansu, Qinghai, Jiangsu, and Jiangxi, which experienced lower wind resource availability compared to the previous year.

On the Hong Kong Stock Exchange, the stock is down 2 percent trading at HK$ 2.500