Huaneng Power International
| Company type | State-owned enterprise |
|---|---|
| Industry | Energy |
| Founded | 1994 |
| Founder | China Huaneng Group |
| Headquarters | China |
Area served | China, Singapore |
| Products | Power generation |
| Owner | State-owned Assets Supervision and Administration Commission of the State Council (via China Huaneng Group) |
| Parent | China Huaneng Group |
Huaneng Power International, Inc. (abbreviated as HPI), commonly referred to as Huaneng Power, is a Chinese energy company established in 1994 by China Huaneng Group, which ranks among the top five power generation enterprises in China. The company specializes in the development, construction, and management of large-scale power generation facilities.
By May 31, 2018, the market capitalization of Huaneng Power’s H share reached HK$28.484 billion. At the conclusion of 2017, roughly 30.92% of its total issued shares consisted of "foreign shares" (including H shares and American depositary share), with the remainder classified as domestic A shares.
The H shares of Huaneng Power are part of the Hang Seng China Enterprises Index, which tracks the 50 largest H share companies listed on the Hong Kong Stock Exchange. Since May 2018, its A shares have been included in the SSE SmallCap Index, covering the subsequent 320 stocks outside the scope of the SSE 180 Index.
In the year 2018, Huaneng Power was positioned at number 745 on the Forbes Global 2000 ranking.
History
Founded in 1994 by China Huaneng Group, a state-owned entity, Huaneng Power International (HPI) was formed through a restructuring of Huaneng International Power Development Corporation (HIPDC). That same year, HPI's American depositary shares were listed on the New York Stock Exchange. In 1997, China Huaneng Group, HIPDC, and HPI were consolidated under the State Power Corporation of China, a large-scale enterprise that assumed commercial roles previously held by other entities. On January 21, 1998, HPI’s H share was offered on the Stock Exchange of Hong Kong, followed by its A share debut on the Shanghai Stock Exchange on December 6, 2001. In 2000, HPI merged with its affiliate company Shandong Huaneng Power Development.
Following the dissolution of the State Power Corporation in 2003, HPI became a third-tier subsidiary under the supervision of the State Council through China Huaneng Group. The parent organization transferred additional assets to HPI to enable public listing of most group holdings. In 2004, HPI purchased an extra 10% minority interest in Jinggangshan Power Plant from Jiangxi Province Investment Corporation (currently known as Jiangxi Province Investment Group), an entity linked to the Jiangxi Provincial People's Government.
In April 2008, HPI acquired SinoSing Power—a special-purpose vehicle—from China Huaneng Group for around US$985 million. This SPV had previously acquired Tuas Power from Singapore's state-owned company Temasek Holdings in March 2008 through a leveraged buyout valued at SG$4.235 billion (approximately US$3.1 billion).
Additionally, HPI is actively engaged in advancing renewable energy initiatives within China.
Divisions and Subsidiaries
- Jinggangshan Power Plant (wholly owned)
- Luohuang Power Plant
- Hanfeng Power Plant
- Yueyang Power Plant
- Yingkou Power Plant (fully owned)
- Tuas Power (100% ownership)
Equity investments
- Note: only major stakes listed
- current holdings
- China Huaneng Finance (20%)
- previous holdings
- China Yangtze Power (0.65%; divested in 2017; had an HPI representative appointed to CYP’s supervisory board)
Huaneng Power International operates as a government-controlled enterprise overseen by the State-owned Assets Supervision and Administration Commission under the State Council.
As of December 31, 2017, its ultimate parent company, China Huaneng Group (CHNG), directly owned 10.23% of HPI shares. Additionally, it held a one-third stake (33.33%) through its wholly owned subsidiary Huaneng International Power Development Corporation; another 3.11% via China Hua Neng Group Hong Kong (), incorporated in Hong Kong; and a further 0.49% through mainland affiliate China Huaneng Finance (), amounting to a combined ownership interest of 47.16%.
See also
- Huaneng Lancang River Hydropower, affiliated publicly traded company
- Huaneng Renewables, affiliated publicly traded company