Published:
Profit at Huaneng Renewables plunges 46%
Grid bottlenecks that limited power production the cause.
Huaneng Renewables Corporation said net income fell to US$89.7 million in 2012 from US$162 million a year earlier. It blamed grid bottlenecks that limited the amount of electricity produced at its wind farms.
Profit was projected at US$95 million while revenues rose 26% to US$648 million.
Growth in wind power is being crimped by the electricity grid’s ability to handle the influx of energy, forcing the government to tighten approvals on new projects and slow the development of the industry.
As a result, installations of wind turbines in China fell 18% to 15.9 gigawatts last year from 2011.
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