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Huaneng Renewables Misses Estimates as Wind Growth Slows

Huaneng Renewables Corp., 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 Corp. 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.

“In 2011, 32 projects with a capacity of 1,653.0 MW were newly approved by relevant authorities,” the company said. Huaneng increased its installed wind-power capacity by 40 percent to 4.9 gigawatts from the previous year, missing a target of about 5.1 gigawatts the company set in May.

Karl Liu, an analyst from ICBC International Research Ltd., wrote in a Mar. 5 report that he expected “comparably weak” 2011 earnings from wind-power operators. He expected Huaneng to report the highest earnings growth compared with China Datang Corp. Renewable Power Co. and China Longyuan Power Group Corp., the nation’s biggest wind-farm developer.

Datang yesterday posted a 60 percent gain in profit of 729.8 million yuan last year.

Huaneng Renewables’ stock fell 1.44 percent to HK$2.06 yesterday, before the announcement.

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