China Energy Investment Corporation (CEIC), which is owned and managed by the Chinese government, held a press event in late January to report on the progress that it made last year in the development of renewable energy projects. The followings are some of the takeaways from the event, which was first covered by local Chinese news outlets.
Regarding its performance results for 2021, CEIC’s revenue, total profit, and net profit registered year-on-year growth rates of 24.7%, 6%, and 7% respectively. The labor productivity of the entire company rose by 10.5% year on year. The company reached its targets for total profit, net profit, and debt asset ratio. Hence, there are continuous improvements in terms of operational resiliency and risk resistance.
Turning to energy transition, CEIC was scaling up its deployment of clean energy technologies during 2021. The company was especially proactive in the development of PV and wind projects. As of the end of 2021, CEIC had installed a total of 5GW in wind generation capacity, thus becoming of one of the world’s leaders in this regard. CEIC had also installed 860MW of PV generation capacity, showing a 4.1 times growth from 2020. All in all, the new energy projects that CEIC initiated in 2021 had a total generation capacity of 1,968MW. Also in the same year, the company installed 1,089MW of generation capacity based new energy technologies. The figure for annual installed capacity represents a new high for the company.
Looking at energy production, CEIC’s coal production came to 570 million MT for 2021, showing a year-on-year increase of 8.3%. The quantity of coal sold by the company in the same year reached 770 million MT, showing a year-on-year increase of 8.8%. In terms of electricity generation, CEIC’s annual total output surpassed 1.1 trillion kWh in 2021, showing a year-on-year increase of 12.2% and a level that is significantly above the national average. The company’s total heat generation reached 460 million GJ for the same year, showing a year-on-year increase of 8.2%. On the whole, the company has achieved new highs according to several production indicators.
CEIC noted that as a government-owned power producer, it is committed to ensure a stable electricity supply in order to meet citizens’ basic needs.
As for 2022, CEIC will be focusing on energy security. The company is going to make every effort to maintain the safety and stability of its business operations as well as the stability of the domestic electricity supply. At the same time, it will ramp up its internal transformation process. It is also worth noting that CEIC stated that coal will play a major role in the company’s business strategy, even as the company is ramping up the development of clean energy projects.