Chinese Power Giant Swings Billions Into the Red on Surging Coal Prices

Chinese state-owned coal power giant Huaneng Power International Inc. (600011.SH) sank billions of yuan into the red in 2021, with skyrocketing coal prices dragging down earnings even as it charged more for electricity at home and booked promising growth overseas.

For 2021, Huaneng’s swung into a 10.3 billion yuan ($1.62 billion) loss from a 4.6 billion yuan profit a year ago, according to its annual report (link in Chinese) released late Tuesday.