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Longyuan Power Held 2019 Annual Performance Press Conference


On March 30, Longyuan Power held the 2019 annual telephone press conference for the performance in Beijing. The chairman and secretary of the Party committee of Longyuan Power Jai Yanbing attended the meeting and introduced the company's 2019 annual business performance; the general manager of Longyuan Power Sun Jinbiao, the secretary of the board of directors Jia Nansong and the chief accountant Chang Shihong attended the meeting. The representatives and analysts from international investment institutions including Morgan Stanley, UBS, Citigroup, Bank of America, JPMorgan Chase and Credit Suisse attended the meeting.

As of December 31, 2019, the installed capacity of Longyuan Power control unit is 22,157 megawatts, including 20,032 megawatts of installed capacity of wind electric control unit, 1,875 megawatts of installed capacity of thermal power control unit, and 250 megawatts of installed capacity of other renewable energy control unit. The company's annual operating revenue for the year 2019 is RMB 27.541 billion, up 4.4% year on year; the profit before tax is RMB 6.450 billion, up 9.4% year on year; the net profit attributable to equity holders is RMB 4.567 billion, up 9.6% year on year.

Steady increase of power generation capacity by the safeguard of safety production promotion. The company established No.1 document to provide guide for the new mode of safety and environmental protection work throughout the year and for all key work breakdown. The activities of  "Equipment Upgrading Year" was carried out with the focus on the arrangement of equipment technical transformation and test projects, in which the equipment defects have been resolved and the performance level and operation quality of the equipment have been both improved. Moreover, an emergency response mechanism for power rationing management has been established by due control over the power rationing proportion and power rationing quantity and through the strict internal power rationing assessment and power rationing tracking; multiple means have been also taken to strengthen the marketing awareness, to increase the transactions and to enhance the power rationing management. In 2019, the company had realized the generating capacity of 50.736 billion kWh, including 40.732 billion kWh of wind power, a year-on-year increase of 3.01%.

Outstanding achievements in early-stage work due to scientific optimization of development layout. By strengthening the strategic planning and guidance and in accordance with the development idea of "overall planning for land and sea resources and developing both the wind and light power by multi-energy complementation and unified action for key breakthrough", the company do all the efforts to deploy the new energy projects. A development structure has been generally formed based on innovation and development and guided by development research and strengthened implementation measures with scientific management and improvement on the early-stage construction of development system. In 2019, the company's new reserve reached a new high in the 13th five-year plan, with 13.6 gigawatts of new resource reserve in the whole year, including 6 wind power projects with a scale of more than one million kilowatts, which are distributed in the UHV base and the regions of Inner Mongolia, Gansu, northern Shanxi, Fujian and Guangdong with the best marine resources, laying a solid foundation for the future development. Besides, 1,470 megawatts of wind power projects were approved, including 1,000 megawatts of new Guangdong offshore projects, which was the first approval wind power project of company in the South China Sea. Breakthroughs have also been made in photovoltaic projects, with 7 photovoltaic projects recorded, totaling 324 megawatts.

Effective promotion of the project construction by the management and control of the project milestones. In 2019, the safety situation in the engineering construction of the company was stable, and the engineering quality and environmental protection level have also been improved. During this year, there was no major safety, quality, environmental protection accidents nor group events affecting social stability, and the engineering cost was under control. The project development speed has been significantly improved by the efficient operation mechanism of united actions and horizontal coordination in the key links including survey and design, project bidding, land acquisition for forest acquisition, network connection permission, etc., which were realized by the management and control of project milestones, advance planning, scientific organization and prompt coordination. The company has also built nationwide ecological wind farm and realized the green sustainable development by strengthening the environmental protection work of the project, performing the construction start-up procedure, promptly handling the formalities for land and forest land, standardizing the water and soil conservation work for wind farm construction and implementing the "three Simultaneities" requirements for water and soil conservation. In 2019, the company added 14 new wind power projects with an installed capacity of 1,113 megawatts, of which 152 megawatts are offshore wind power projects.

A stable electricity price level kept due to the strengthening of marketing awareness. In 2019, the average feed-in tariff of all power generation businesses of the company is 459 yuan / MWh (excluding VAT), with a year-on-year increase of 2 yuan / MWh. The average feed-in tariff of wind power is 482 yuan / MWh (excluding VAT), which is the same as that of the same period last year, mainly due to the reduction of value-added tax rate and the joint impact of the year-on-year increase of trading power in the wind power market. The average feed-in tariff of thermal power is 336 yuan / MWh (excluding VAT), with a year-on-year decrease of 1 yuan / MWh, mainly due to the joint impact of the expansion of trading scale in the thermal power market and the reduction of VAT rate.

Financing management and control will be further strengthened to improve the efficiency of fund use. The company has carried out the replacement optimization of stock liability with interest for saving the financial expenses by intensive management and control of financing and overall operation in face of opportunities. At the same time, the capital plan coordination mechanism based on the vertical management of the headquarters and the rigid capital plan management are used to improve the efficiency of capital use and maximize the time value of capital. At the financing level, the company focused on the major capital markets at home and abroad, expanded the financing channels and issued seven ultra-short-term financing bonds, three medium-term notes, and one short-term financing bonds, which kept the annual capital cost of the company with advantage in the industry. The company also innovated to issue the first green super short-term financing bond (poverty alleviation) in the domestic market, which demonstrates the responsibility of the company in building a beautiful China and assisting in the poverty alleviation. In 2019, the company enlivened the stock assets through the open market financial instruments and registered 10 billion yuan asset backed securities based on storage type renewable energy electricity price additional subsidy, which has won the award of "Outstanding Fixed Income Product Issuer" of Shenzhen Stock Exchange and has established a good corporate image.

Building a world-class company with science and technology. The company has renovated the company's organization of science and technology innovation by setting up the science and technology department and the information technology department, restructuring the company's science and technology innovation system and solving the issues related to the R&D investment sources, scientific research team construction, scientific research assessment and incentive, etc. This year, the company has also made a breakthrough in the awards record. In 2019, the company won 5 provincial and ministerial awards and 4 group company awards, among which, the Key Technology and Engineering Application of Complex Geological Offshore Wind Power Foundation Design and Construction won the second prize of China's power science and technology progress; the company won the right of editor in chief for 1 national standard and 4 energy industry standards, among which the Technical Guidelines for Intelligent Wind Farms is the first in China for the industry standards of intelligent wind farms, which is also the foundational standard in the field of intelligent wind power.

Strengthening the management for the on-going projects in the initially successful overseas strategic layout. The company has extended the work content and increased the development efforts for the projects involved in the Belt and Road Initiative countries according to the requirements of high-quality development. The development mode is constantly optimized around the development line of "wind and light power exploitation", and an all-round and vertical development situation is established by expanding the operation area in the overseas business and by using the experience of selected point to promote the construction in the entire area. New progress has been made in overseas main business: the project in Yuzhnyy, Ukraine has completed equity delivery and will be started in the near future; the photovoltaic project located in Teplodar, Ukraine has been approved. In 2019, on-going projects of the company were operated well under the condition of strengthened asset management of overseas projects, active business strategy, strengthened safety production management and effective prevention and control over safety production risks. The company's wind power project located in Devlin, Canada has generated 286 GWh of electricity in the whole year, exceeding the annual task; the utilization hours reached 2,882 hours, realizing 1,857 days of safe production in total. The wind power project located in De Aar, South Africa has generated 783 GWh of electricity in the whole year, with 3,204 hours of utilization and 792 days of safe production.

In 2020, Longyuan Power will take Xi Jinping's new socialist ideology with Chinese characteristics as a guideline for the general work, implement the spirit of the 19th CPC National Congress and the second, third and fourth sessions of the19th plenary session, adhere to the party's overall leadership, adhere to the general keynote of the work of "keeping the goal of steady progress" and implement the overall strategy of "one goal, three types, five promotions and seven first-class" in the group company; the company will also consolidate the foundation of new energy party building and safety production, accelerate the construction of informatization and intelligence, strengthen both domestic and international markets, build high-quality management cadres and professional talents by focusing on the general goal of building a world-class new energy company with global competitiveness and highlighting the guidance of high-quality sustainable development and value creation; we will stay true to the cause and forge ahead to create a new model for the national energy group to make new and greater contribution to build the state energy group as a world-class demonstration enterprise. In order to complete the business objectives in 2020, the company will focus on the following tasks: firstly, adhere to the leadership of the party and provide strong political guarantee for the construction of a world-class new energy company with global competitiveness; secondly, implement the group's production safety deployment and promote the construction of intrinsically safe enterprises; thirdly, expand the effective investment and enhance the high-quality sustainable development momentum; fourthly, speed up the construction of engineering projects and ensure the completion of the target task of electricity price guarantee; fifthly, improve the level of operation and management and promote asset operation and management to a new level; sixthly,  innovate the system and mechanism and accelerate the construction of company as a world-class new energy company; seventhly, adhere to the guidance of cultural construction and build Longyuan as a company with harmony and happiness.


China Longyuan Power Group Corporation Limited.All Rights Reserved.

Contact us e-mail:p0004943@chnenergy.com.cn

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