China Huaneng Group plans to increase its annual sales by at least 32% within the next five years as the country's biggest power producer builds new plants to meet energy demand, Xinhua News Agency reported.
Annual revenue may exceed 300 billion yuan by 2015, compared with 227 billion yuan in 2010, the official Xinhua reported, citing information disclosed at a company work conference. China Huaneng posted a 2010 profit of 6.98 billion yuan, an increase of 100 million yuan, Xinhua said.
The Chinese economy may grow 8.7% in 2011, the World Bank said on Jan. 13, boosting demand for raw materials and energy. State Grid Corp. of China, which supplies power to more than 1 billion people in the country, said last week it forecasts a 42% increase in electricity use by 2015.
State-controlled China Huaneng expects its generating capacity to exceed 150 gigawatts by 2015, compared with 113 gigawatts at the end of last year, according to Xinhua. Renewable sources will account for 25% of the group's electricity output by 2015, compared with 17% last year, Xinhua said.
