Huaneng Renewables misses estimates as wind growth slows
Huaneng Renewables, a clean-energy unit of China’s biggest electricity producer, reported net income that missed estimates as the growth of the nation’s wind-power installation slowed.
The unit of China Huaneng Group generated profit of 1.02 billion yuan in 2011, a 94 percent gain from a year earlier, Huaneng said yesterday in a statement to the Hong Kong stock exchange. That is less than the 1.2 billion yuan mean estimate of six analysts compiled by Bloomberg.
China’s wind-power development is slowing due to a tighter government approval process for projects on concern about power grids’ ability to handle capacity. The nation increased wind-installed capacity by 18 percent last year from a year earlier, compared with a 67 percent rise in 2010, according to Bloomberg New Energy Finance.Huaneng increased its installed wind-power capacity by 40 percent to 4.9 GW from the previous year, missing a target of 5.1 GW the company set in May.