Earnings Call: Q1 2016

Apr 26, 2016

Earnings release

Good afternoon, ladies and gentlemen. On behalf of Huaneng Power International, Inc., I would like to welcome you all to the conference call regarding first quarter results announcement of 2016. [Foreign language] Now, may I introduce the management of the company today. [Foreign language] They are. [Foreign language] The Vice President and Board Secretary of the Company, Mr. Du Daming. [Foreign language] 你好，大家好。 [Foreign language] The Vice President of the Company, Mr. Li Jianmin. [Foreign language] 好，主持人好，大家好。 [Foreign language] The Vice President of the Company, Mr. Liu Ranxin. [Foreign language] 你好，大家好。 [Foreign language] The Vice President and Chief Accountant of the Company, Mr. Huang Lixin. [Foreign language] 你好，大家好。出席本次会议的还有公司预算部、企管部、工程部、生产部、营销部、燃料部、财务部、董事办和证券部的负责人。 The General Managers for the Department of Budget, Corporate Management, Engineering, Production, Marketing, Fuel, Finance and Capital Market, as well as the Office for Board Business, are also joined us in this meeting. 杜总会为我们先回顾 2016 年第一季度业绩表现，接下来是问答时间。 First of all, Mr. Du will review the business performance for the first quarter results of 2016, followed by Q&A session. 现在有请杜总介绍公司业绩表现，由公司周彪先生做英文交替翻译。 May I have the honor to invite Mr. Du to review the business performance, and Mr. Zhou Biao will conduct English interpretation. 女士们，先生们，大家好，欢迎各位参加华能国际一季度业绩推介电话会议。 Ladies and gentlemen, welcome to attend Huaneng Power's conference call for the first quarter results. 昨天公司刚刚公布了今年第一季度的经营业绩。按照中国会计准则计算，2016年第一季度公司实现合并营业收入288.23亿元人民币，同比下降15.91%；归属于公司股东的净利润39.48亿元人民币，同比下降21.58%。公司净利润下降的主要原因是国家发改委下调了燃煤电厂上网电价，公司境内电量同比下降，以及市场交易电量增加。 Yesterday, the company released its first quarter results this year. Under the PRC GAAP for the first quarter of this year, the company realized consolidated operating revenue of CNY 28.823 billion, decreasing by 15.91% year-over-year. Net profit attributable to the shareholders of the company was CNY 3.948 billion, decreasing by 21.58% year-over-year. The profit decrease was mainly attributable to lower grade fuel cost for coal-fired power by NDRC. The year-over-year decrease of domestic power generation and increase of unplanned electricity shorting market. 展望未来，公司将积极应对电力市场新形势和新变化，主动参与市场竞争，努力实现经营以客户为中心，发展以市场需求为中心，不断提升核心竞争能力和盈利能力，为股东创造长期稳定增长的回报。 Instead of the outlook, the company will actively respond to the new trends and changes in the power market and participate into the market competition. Try to realize that our operation shall be focusing on customers and the development shall be based on market demand in order to continuously improve our core competitivity and profitability to create long term stable and increasing returns to our shareholders. 下面时间我后的同事愿意回答各位的问题。谢谢大家。 For in the following time, my colleagues and I are glad to answer your questions. Thanks. [Foreign language] Thank you, Mr. Du. Here we come to the Q&A session. 感谢领导层的详细报道，大家好，下面是问答环节，如您需要提问，请在话机上按星一键等候，请按星号键加数字一，谢谢。大家好，第一位提问者是来自Citibank的刘显达，您好。你好，管理层，我是刘显达，花旗银行的。我有三个问题。第一个问题是，最近看到一些网站说浙江厂那边可能有一些零售电价下调，想了解这个对咱们的电厂有没有一些影响？第二个问题是看到公司今年一季度的燃煤电厂的利用小时下跌的情况比国家平均水平多，想了解这个除了是电厂地理位置原因以外，还有其他什么原因？第三个问题是想知道公司今年一季度我们平均贷款利率是多少，比去年同期下降多少？谢谢。 I'm from Citi. I have three questions. First is, there's a report that in Zhejiang province, the government has cut the tariff for the retail business. What do you think of the impact on the company if they raise tariffs? The second question is about the utilization hours. We noticed that the first quarter utilization hours for the coal business for your company was down more than the average level nationwide. Could you please provide the reason for that? Is that just because of the difference of the locations of the power plants or any other reasons for that? The third question is, could you please provide us your first quarter's calls for your debt and also the year-on-year change? 刚才刘先生问了三个问题，我来回答一下。第一个就是关于你看到网上有关浙江煤电机组降价的问题。就这个问题，我们也注意到了，也看到了。但是就目前的情况来看，国家层面上还没有这方面的信息。这是第一个问题。第二个问题，就刚才你问到关于我们煤机的利用小时，比全国的煤机平均利用小时要低。那么一季度我们的火电利用小时是986，全国平均是1006小时，我们低了20个小时。可以明确地告诉你，这个就是跟我们机组在全国的不同地区的分布有关系，没有别的原因。 Well, first about the current cut. Actually, we have noticed that from the media reports, but currently we did not receive any formal notification from the government. The second is about the utilization hours. Sure, for the first quarter, our utilization hours for thermal units was 986 hours, lower than the nationwide, which was 1,006 hours, about 20 hours lower than that. The reason for that difference is just because of the locations of our power plants. There's no other reasons. 好，下面一个问题，请公司财务部经理回答一下。我看一下这一季度在役加油的综合成本。16年一季度，在役加油的我们的成本是4.42%，去年15年一季度是5.28%，下降了是86个基点，相当于16%。 Actually, the average cost for the first quarter for that was 4.42%, comparing to first quarter of last year, 5.28%, accounting to 86 basis points discount, decreasing roughly 16% year-on-year decrease. 好，谢谢管理层。感谢您的提问和领导层的耐心解答。大家好，问答环节正在进行中，如您需要提问，请在话机上按星键等候，先星号键，再数字1。谢谢。大家好，如您需要提问，请您在话机上按星键等候，先星号键，再1。谢谢。大家好，下面一位提问者是来自上海湖山投资的王龙。你好，请提问。管理层好，我有两个问题。第一个问题就是我们一季度的单位燃料成本是多少，其中煤机是多少？去年四季度的这个季度的这个数据大概是什么样的？第二个问题就是今年的我们的直供电，一季度的直供电大概占比多少？然后上次我们的标杆电价有多少折扣，全年的话大概是一个什么样的水平？就这样。 From Shanghai. Two questions. First is about the unit fuel cost. Could you please talk about the unit fuel cost for the first quarter of this year, and also the fourth quarter of last year, and also the unit fuel cost for the coal units? Second is about the power direct sales. Could you please talk about the amounts and the sales level for this part of transaction and also the outlook for the whole year? 我回答一下这个单位。就今年一季度，含煤机跟燃机的综合的单位成本是CNY 147.58/MWh。其中煤机是CNY 133.72/MWh，这是今年一季度的。15年的四季度综合在一起是CNY 155.56/MWh，其中煤机是CNY 141.69/MWh。 First about the unit fuel cost. For the first quarter of this year, our average unit fuel cost was CNY 147.58 per MWh. Among these, CNY 133.72 per MWh for the coal business. For the fourth quarter of last year, the unit fuel cost average rate was CNY 165.56 per MWh. Among these, CNY 141.69 per MWh for the coal business. 这个我来回答一下黄先生问到的关于直供电的一些情况。那么我们一季度的话，直供电结算电量是大数67个亿。那么平均降价了8分6厘吧。这个量是占到我们总的供电量的9%，上网电量9%。我们想基本上这个降幅，应该说目前还是在我们预料之中的。 In terms of the power direct sales, the first quarter of this year, we have settled totally 6.7 billion kilowatt hours, with the tariffs down about CNY 86.8 per MWh comparing to the standard tariffs averagely. This is about 9% of our Tuas Power electricity sales for the first quarter. We say this is in line with our expectations. 感谢您的提问。大家好，如您需要提问，请您在话机上按星键、导号键、先声号键，再一。下面一位提问者是来自德意志银行的Michael 丛。你好，你可以提问了。我想问一下，三月份的单位燃料成本是多少？刚才说到了1到3月的平均。第二个就是说，直供电这一季度是67亿。我记得在年季度业绩的时候，公司给的一个指引是今年是330亿的电量，这个指引有没有变化？然后估计在最后几个季度，直供电的下降幅度是不是跟一季度还是差不多的。 I am from Deutsche Bank. I have two questions. First is, could you please provide us the unit fuel cost in March this year since you have the first quarter unit fuel cost? The second is about the power direct sales. You have mentioned that first quarter you have settled about 6.7 billion kilowatt hours. You have also given the whole year guideline about 33 billion kilowatt hours for this year. Do you have a plan to change this guideline? Also, the discount of the tariff for this part of power generation, will it change or will it be a similar level in the following quarters? 我们这个月份的没准备，我们一般是指季度的统计。 For the unit fuel cost, we only have the first 3 months average unit fuel cost. Currently, we have not calculated the month unit fuel cost. 丛先生你好。现在我们目前已经签约的交易电量，大数在380亿左右。但是我们已经获得的这个协议，估计要超过400亿。这个可能比我们年初的计划要稍微大一些。这个价格刚才说这个降幅，应该说后几个季度都是差不多。 Well, currently, we have signed real contracts for the power direct sales about 38 billion kilowatt hours for the power generation. Also, we expect that maybe there is some potential expansion of this kind of transaction with the total amount about 40 billion kilowatt hours. In terms of the discount of the tariff, we will not see a very huge change in terms of the following quarters. 我想最后一个问题，谢谢。今年的资本开支计划，最近能源局先后发了几个文件，关于要控制火电的在建。我想问一下，现在公司里面一个最新的资本开支计划，尤其是在火电这一块。目前公司对资本开支计划，我们还是没有做具体的调整，但是我们的项目的安排或者一些新项目的开发会严格按照国家的要求来执行。 Actually, the following question is about the CapEx. Does the company have the plan to change or to adjust the CapEx plan for the whole year, just because the National Energy Administration has released some documents to control the development and approval for the thermal power projects? For the company, currently we do not have any plan to change the CapEx level, but the new project development plan will be strictly in line with the government policy. 好，谢谢。感谢您的提问。大家好，问答环节正在进行中，如有需要提问，请在话机上按星号键再按1。下面一位提问者是来自HSBC的王媛媛，你好，你可以提问了。你好，我有个问题，第一个问题是我们一季度的火电的平均电价是多少？就是跟电网结算的电价。然后第二个问题是，公司对于15年的利用小时数和发电量，还包括三月原料成本的指引跟年初有变化吗？然后第三个问题是我看三月份的发电量还不错，那是不是说经济是有一些回暖，还是说只是季节性的一个好转趋势？ Well, from HSBC, I have three questions. First is, could you please provide us your tariff for the thermal power for the first quarter of this year? The second is, we see that you have given the guidelines for the whole year in terms of the utilization hours, the power generation and the unit fuel cost for this year. Any change for the whole year up until now? The third question is about the power generation. We see the power generation in March is relatively better. Does the company think this is a kind of recovery of the macroeconomy? Or is this the difference because of the seasonal reason? 你好，王女士。我们一季度结算的电价水平是每度电4毛04。刚才你问到关于利用小时，今年的目标有没有调整。另外一个，三月份发电量还不错。现在我们也注意到了，国际上一些机构他对中国今年的经济预期，我看都往上提了。这个消息我们也注意到了，很高兴。我们希望能够像大家预测的一个比较好的结果。 The tariff actually for the first quarter, our average settlement tariff was CNY 440 per MWh. Also for the guidelines, right now we have no plan to change the guidelines. Also, we notice that some international organizations have some forecasts that they have adjusted up China's GDP growth rate for the whole year. We hope that we can see this trend. 好的，感谢戴总。不知道您说这个4毛是平均的电价，还是火电，有没有水电的平均电价呢？然后还有一个问题就是关于这个大用户直供，在华能的这些地区范围内，有没有发现哪些省比较积极，哪些省还没有开展这一块？ Actually, the company provides the tariff for the thermal power. Also, do you see any region in China in terms of the power direct sale, which we have relatively aggressive manner in this transaction? Or is there any region that is more involved into this transaction? 刚才我说的是我们的平均的电价水平。当然你问到火电的话，我们是每度电是4毛8，小数。另外你还问一个问题，就是现在我们所在的省份里，有没有还没有进行大用户直供这种交易的省份。现在我们在海南还没有进行大用户直接交易，其他的都有。 In terms of the tariff for the thermal, for the first quarter, it was CNY 380 per MWh. Also for the power direct sale business, actually for our power plant location, currently for the Hainan province, there is no such kind of business. 好，谢谢。感谢您的提问。大家好，如有需要提问，请在话机上按星号键再按1。下面一位提问者来自国泰君安国际的吴易超。你好，你可以提问了。你好，黄总，你好。我有一个问题想知道，公司会不会有一些现在在线的一些电源项目，会因为国家能源局最近下发的几个文件，会有一些推迟的可能？然后公司有没有一个最新的16年和17年的新增装机的计划，然后分各种电源的类型，有没有这样的数字？谢谢。 I am from GTJA. The question is about the construction projects. Actually, do you have plans to maybe postpone the project under construction just because of the government policy recently? Could you also provide your capacity addition plan in 2017 and also the breakdown for the energy mix? 下面我来回答一下。2016年公司的建设项目，煤机有95万千瓦，燃机21万。清洁能源这块的大数是90万。应该讲，今年的整个项目现在陆续在投产，而且我们的煤机基本都是热电联产机组，应该不受什么影响。关于明年包括到2018年，我们也看到国家能源局这个文件，这个文件主要从三个方面来进行说明。第一个就是从2012年以后，拿到了路条但没有核准，这些项目统一放到2018年以后再进行核准。第二个就是暂缓核准黑龙江等13个省的这个项目。我们盘点了一下，其中涉及到我们公司的项目范围的有9个省份。另外，暂缓建设的一共是15个省，其中涉及到公司这一块的有10个省。从目前公司的规划来讲，我们盘点了一下，应该说受国家发改委和能源局这次连着下发的这个文件，影响还不是很大。另外值得高兴的是，我们看到有三个，我们讲是绿色的省份，其中包括安徽、海南以及江西，这三个省份也是公司未来发展的一个重点地区。另外也没有受到这个文件的限制。所以下一步公司准备在这三个省，特别是海南，我们有一个大的发展潜能。好，谢谢。好的，谢谢。 Actually for this year, our plan for the capacity addition is that we have 950 megawatts of the coal and 210 megawatts for the gas. We also see that totally 900 megawatts for the clean energy for this year. We say just because of the coal project is not for the cogeneration, we say the government policy maybe has a very little impact on our project progress for this year. For next year, actually we also noticed that the government's policy has cleared that maybe in three phases and categories to control the approved projects in the coal-fired business. Actually, we have very little impact given to us by the government policy. We see there are totally three provinces that there is no control in terms of the projects, for example, Anhui, Hainan, and Jiangxi province. We see in these provinces we have a very prosperous outlook. 好的，谢谢。感谢您的提问。大家好，如您需要提问，请在号码上按星键等候。接通后键再一。下面一位提问者来自于摩根士丹利张青。你好，你可以提问了。摩根士丹利你好，我有几个小问题想请教。第一，我就是想请问一下，2016年一季度公司煤机的利用小时数，还有同比的一个变化。第二个问题就是想请问一下，因为公司也是在云南有一些机组，云南的话因为是电力改革试点，一个比较快的地方，所以我们想请问一下，在云南这一块的发展，就是说好像没有计划电量权电力定价这样的一个情况。这是第二个问题。第三个问题就是想请教一下，关于最近能源局发了一个征求意见稿，就是说到2020年，火电企业中，非水电的清洁能源要占到火电的配额达到15%。所以想请问一下公司有没有达到这个计划，达到这个目标公司有一些什么样的计划？谢谢。 I am from Morgan Stanley. I have three questions. First is, could you please provide us your utilization hours for your coal business for the first quarter and also the year-on-year change? The second is, we noticed that you have power capacity in Yunnan Province, which has began the pilot of the power sector reform. We noticed that there is no planned power quota in this province. Could you please talk about the detail about the situation right now for this province? The third question is the National Energy Administration has set the target that by 2020, the power generation from the non-hydro renewable energy will be about 15% of the Tuas Power generation. Could you please talk about whether the company has a plan in terms of this policy? 我回答一下这位女士的提问。公司一季度煤机利用小时是1006小时。这个同比是降低了149小时。这是第一个问题。第二个问题，刚才这位女士提到，关于我们在云南的燃煤机组以及云南的电力改革。云南的电力改革确实，一个是国家的电力改革多个试点单位，另外一个是走得比较快的。它是把计划电量全部放开了，就是没有计划电量了。那么在云南的话，作为煤机，因为它本身就是一个水电大省，那么做这个煤电机组的话，它压力确实比较大。那么云南省也出台了一些政策，比如说煤电和水电机组的指标互换等等一系列措施。我们想就是在电力改革过程中，政府还是要综合平衡我们不同这个能源品种稳步地推进它。 Well, for the first quarter, our coal units utilization hours was 1,006 hours, decreasing by 149 hours year-on-year. For the Yunnan province, the government has the pilot program in this province and its progress is very fast. Currently we see there is no planned power generation quota for this province. Since the hydropower generation in Yunnan province has relatively higher percentage, there is great pressure on the coal-fired power generation. The policy in this province is that there can be exchange mechanism between the quota for the hydro and the coal-fired power generation. Maybe the government will consider this in a very comprehensive way in terms of the different power generation sectors. 感谢您提问和领导层的解答。大家好，如有需要提问，请在话机上按星号键等候。请先星号键再一。谢谢。下面一位提问者是来自JK资本的徐青云。你好，您可以提问了。抱歉，刚才的参会者他这边断线了。我们下面有请下面的一位提问者进行提问。下面的一位提问者是来自UBS的Alex Liu。你好，您可以提问了。好的，管理层你们好，我想问一下，就是近期我们了解到几大电企和煤企进行了一次座谈，提到了关于现在目前的煤电长协价格定价机制，可能会有些改变为月度指导定价的模式，那么这样的定价机制对于我们煤的成本会不会带来一些上升呢？想请教一下，谢谢。 From UBS. I have a question about the coal negotiation. Actually, we heard that the coal suppliers and the power business have been negotiating in terms of the coal contract for this year. Also, we heard that the pricing mechanism will be changed to maybe the monthly price mechanism. Will this kind of mechanism increase your coal cost? 好，我简单说一下，现在确实是在做煤电长协的一些谈判，但是目前来说，我们坚持的原则还是这种市场化的原则，所以应该说对长协的结果不会对我们产生大的影响。 Sure, we do have negotiation with the coal suppliers. For us, the principle for this contract signing is that it should be in one way maybe a market-oriented principle. With the final result of this negotiation, we have no substantial impact on our coal cost. 现场参会者，请问还有其他的问题吗？大家好，如有需要提问，请您在话机上按星号键等候。请先星号键再一。谢谢。下面一位提问者是来自瑞士信贷的周天宇。你好。管理层你们好，我有两个小问题想请教一下。第一个想问一下，就是说我们之前提到的1季度的直供电的8.68分的这个折扣是和1月1号结完的标杆电价之后的那个电价比的吗？然后我记得我们去年的那个折扣大概是7.3分左右吧。然后想问一下，我们对这个全年的折扣有没有一个指引，就是说是会保持现在这个折扣，还是说有可能进一步扩大的可能？然后第二个想问一下，就是之前注意到有一些媒体报导，就是说国家能源局可能征求意见，想要在18年的话，可能会实现工业电量的100%的放开，就是市场化。然后因为工业电量可能占我们全国大概是70%的电量左右吧。然后管理层是不是觉得有没有可能就是到2018年的话，相当于中国70%的电量可能会市场化？谢谢。 I'm from Credit Suisse. I have two questions. First is about the power direct sales. It's mentioned that the first quarter's discount of the tariff this part was CNY 86.89 per MWh. Could you please provide the base, whether this is based on last year's tariff or the tariff after the tariff cuts since January 1st this year? Also, last year, you have said that the tariff discount was only CNY 73 per MWh. Do you think that for the whole year, this tariff discount will be larger than this or very similar to this level? The second question is about the government's policy that the National Energy Administration said that by the year of 2018, 100% of the power consumption from the industry peers will be completely market-oriented. Do you think that in 2018, the 70% of the national power consumption will be traded through the free market mechanism? 周先生下午好。刚才你提的第一个问题，我看你这个数据记得还是很清楚。我们现在说的降到了6%，那是比今年年初的降价后的电价降到6%。这是不是这么一个情况？是比去年这个价格只稍微高了点。我们现在看这个价格，这个幅度已经降得不小了。这么一个情况。第二个就是你刚才提到关于国家能源局，有一个消息，是不是要在18年，把工业电量全部从计划分开。我们也注意到这个消息，从目前的情况来看，这个消息基本上跟国家出台的九号文的时间是匹配的。 Well, sure. You do have the right figures for the power direct sales tariff discount. Actually, this kind of 86.8 tariff discount is based on the tariff after the tariff cuts in January 1st this year. Also, we say this tariff discount is very huge. The second is, we also note the National Energy Administration's policy said by 2018, there will be no planned power generation quota for the industry peers. We see this kind of policy in line with the document number nine given by the government in terms of the power sector reform. 请问采访者你还有其他的问题吗？没有了，谢谢。好，非常感谢您的提问。大家好，有需要提问，请在话机上按星号键再打后加信号键再一。谢谢。Thank you everyone, we are now going to the Q&A section. If you would like to ask any questions, please press star one on your telephone keypad. Press star followed by one. Thank you. 大家好，下面一位提问者是来自巴黎银行的张静。你好，你可以提问了。管理层你好，我有三个问题。第一个的话我想问一下，67亿的直供电，一季度能不能给我们几个主要的大省，这几个大省的量又是多少？第二个的话，能不能请问一下，一季度的话，新加坡大士能源的净利润的贡献是多少？或者说亏损还是怎么样？第三个的话，我想问一下，有关刚刚前面有提问者提到，就是2020年非水电的可再生能源规划的目标15%的话，想请问一下这个15%是针对哪个主体？是针对各个独立的电厂，还是针对上市公司，还是针对五大电力集团，就是华能集团？有没有可能给一个指引？谢谢。 I am from BNP Paribas. I have three questions. You have mentioned that the first quarter's power direct sales amounts were 6.7 billion kilowatt hours. Could you please talk about the detail about this, maybe in terms of the provinces locations and which provinces have relatively higher volume in terms of this transaction? The second question is about the Singapore business. Could you please provide maybe the net profit or net loss for the Tuas Power in the first quarter? The third question is also the following question about the government's policy that by 2020, the non-hydro renewable energies power generation will be accounting for 15% of the Tuas Power generation. Could you please talk about this 15% is based on the single power plants or the listed companies or just maybe the parent companies, for example, Huaneng Group? 张女士，你这个提问啊，就是这样的，我把这个一季度我们大用户直供前三位数字告诉你一下。第一个就是说我们甘肃，大数是17亿。第二个是湖北，大数是10亿。第三位是山西，是8.8亿。 For the first question about the power direct sale, actually the first three provinces involved in this transaction are first Gansu Province with amount CNY 1.7 billion kilowatt hours, second Hubei Province with amount 1 billion kilowatt hours, and the third Shaanxi Province with 880 million kilowatt hours. 第二个是关于新加坡今年一季度的净利润是负的1.3亿人民币。比去年是负的5,500万，亏了4,800万。 For the first power, actually for the first quarter of this year, the Singapore business has made a loss about CNY 103 million. Comparing to the first quarter of last year, CNY 55 million. 我来回答第三个问题。就是张女士刚才问的是国家能源局4月22号下发的一个通知，对火电集团强制执行非水可再生能源的配额考核。等于这个配额要占火电发电量的15%以上。您刚才问的这个主体是对国内所有的发电企业。那我想追问一下，对国内的发电企业，比如说是对华能下面的，比如说某一个电厂，还是对华能的上市公司，还是说对华能集团？这个在这个通知中没有明确，它就写的是国内所有发电企业。 According to the government regulation, currently there is no clear definitions the base for the 15%. Maybe it is to be confirmed with the relative authorities. 好的，谢谢。谢谢您的提问。大家好，有任何提问，请您在话机上按星号键，导号前3号键，再按1。谢谢。Thank you everyone, if you would like to ask any question, please press star 1 on the telephone key pad, press star followed by 1. Thank you. 下面一位提问者是来自摩根士丹利的张青，你好，你可以提问了。管理层您好。我再有一组跟进的问题想问一下，就是关于在云南的话，因为竞价上网每一个压力很大的话，我就想请问一下，对这个煤电上网电价的压力有多大？就是说比标杆电价降低了多少？这是第一个问题。第二个问题就是想请问一下，刚才管理层也提供了，就是说直供电在比较大的几个省的一个电量，那我就想请问一下，在那几个省的话，相对于标杆电价，那直供电的电价降低了多少？还有一个就是刚才我问了到2022年那个非水电的清洁能源要达到15%，然后华能会有一些什么样的计划，然后管理层没有回答，所以我就再想请问一下，谢谢。 From Morgan Stanley. I have three questions. First is over there in Yunnan Province, the bidding for the power generation. There is a great pressure on the coal-fired power plant. Could you please provide us your tariff discount for the coal-fired power in Yunnan Province? The second question is about the power direct sale. You have mentioned that the first three provinces in your power direct sales. Also could you please provide us your tariff discount in these three provinces? Third question is also the following question about the non-hydro renewables sector 15% base. Could you please talk about the company's plan in terms of this policy? 我再回答一下张女士。刚才说到甘肃，它是降价了1毛6，比标杆电价降了1毛6。湖北的话降了三分之八，陕西也是降了1毛6，就这个水平。关于你刚才问到云南的数据，那么我们的同事要再落实一下。 In terms of the discount for the first three provinces, for Gansu Province, the discount was CNY 16 per MWh. This is comparing to the local standard tariff level. For Hubei Province, CNY 38 per MWh. For Shaanxi Province, it was CNY 16 per MWh. As for the Yunnan Province, we will confirm the figure later. 我来回答一下张女士的后面一个问题，关于15%这个呢，就是国家下发的一个15%配额的文件。现在华能国际的十三五规划跟下达的这个文件在这个目标上是非常契合的。我们也看到现在这个文件中也提到，具体是由能源主管部门根据能源生产和消费统计情况滚动调整，并按照年度来分解落实考核指标。所以我们华能国际会按照这个国家能源主管部门的年度落实的指标情况严格执行。 Sure, also we talked about the government latest policy. Sure, we do have our 13th five-year plan in terms of the project development. We say roughly the target for our plan is in line with the government policy in terms of maybe the energy mix. Also, we will do the adjustment according to the government decision on the progress of the policy. 谢谢。接下来请您提问。大家好，如您需要提问，请在话机上按星键，然后先星号键再按1。谢谢。Hello, everyone, if you would like to ask any questions, please press star 1 on your telephone keypad, press star followed by 1. Thank you. 下面一位提问是来自JK Capital的徐青云。你好，请提问。管理层好，想问一问管理层对今年整年的发电量的增长的看法，这是第一个问题。第二个问题就是说，内地最近有一些新闻有关carbon credit，就是这一方面的状况，感觉像是内地迟早会实行一些carbon credit的措施，想问一问管理层对这个怎么看？你好，那个第二个问题能重复一下吗？第二个问题是有关carbon credit的，就是内地碳排放的交易所方面，可能迟点的时间，一些内地污染的行业可能需要去买一些carbon credit去offset他们的污染的情况。 Two questions. First is please talk about the power generation post Paris and maybe the outlook for future. The second is about the carbon trade and also the carbon mechanism for the pilot program in China. Is there any mechanism that maybe some companies will have to buy the quota to offset, say, maybe the pollution emission? 徐先生下午好，我先回答你第一个问题，就是关于全年发电量增长的预测。到目前为止，我们还是按照这个指引，全年的发电量还是降低1.7左右。现在到目前为止还没有什么变化。 In terms of the power generation, actually we have given the guideline of the whole year's power generation. For us, the power generation for the whole year will be decreasing by 1.7% year on year. Currently, there is no change for this guideline. 关于国家碳排放政策方面，目前的碳交易市场对公司的总体影响的数额很小，数额不大。我们也注意到了政府要在2017年启动全国的交易市场，在这方面的公司积极地反映情况，也积极地参与政策的制定。 In terms of the carbon pilot program, actually, for this pilot program, we have a very small amount of power plants involved into this pilot program, and the impact is very little. Also, we know that the government is wishing to push forward the policy in the year of 2017. So we will keep closing eyes on this progress and to proactively cooperate with this new mechanism. 想再问管理层一下，有关碳排放的现在在测试阶段，我想问一问，在测试阶段，有多少的发电产能是在测试的阶段里面呢？ The following question is about this pilot mechanism. Could you provide us the percentage of the power plant involved in the pilot one? 目前公司管理的项目，我们已经全面地做了一个碳资产的排查工作，这方面都已经做过了。 For our company, actually we have done all our power plants for the internal test for this new mechanism. 那就是说华能所有的发电产能都在这个试点计划里面吗，已经是？目前全国内只有部分的地区开始试点，试点地区也是有部分电厂在进行试点，我们是自己加强管理，我们自己内部做了充分的准备工作，如果全国有范围推动的，那我们也可以积极地来应对。 Not exactly the whole power plant. Actually, in China, there are only 12 provinces and municipalities involved the pilot program. Even in these provinces, some of the power plants in these provinces have participated in the program. For our company, we just done the internal test for the new mechanism. 那如果说华能全部的产能都要纳入这个碳排放的carbon trade里面的话，那总的financial impact大概多少？财务的implication多少？这个我们没办法做预期，而且政府的政策还没有明确。 Because of not clear about the policy and regulations in this mechanism, it is very hard for us to make the very clear expectations and the forecast for this impact. 好，谢谢。感谢您的积极提问和领导层的耐心解答。那好，如您需要提问，请在话机上按星号键等候，请信号键按1。Hello everyone, if you'd like to ask a question, please press star 1 on your telephone keypad. Press star followed by 1. Thank you。下面一位提问者是来自鸿虎投资的王杜瑶。你好，你可以提问了。王总您好，排在我之前的话，我就是想问一下云南的计划，就是之前咱们有一位同事问到了。然后另一个想跟您确认一下，就咱们的煤机的利用小时到底是1,060还是1,060？就前面您回答过的一个，我想确认一下。谢谢。 Following question about the utilization hours. Actually, can you please confirm your utilization hours for the coal was 1,006 and 1,060 hours. 这位王先生你好，刚才说的是1,060小时，不是1,060，是1,060。好，谢谢。刚才那个问题，就云南我们现在降价了就是九分六。 Well, we confirmed the utilization hours for this quarter was 1,006 hours. Also for the previous question about the Yunnan provinces, the tariff discount was CNY 96 per MWh. 感谢您的提问。大家好，问答环节正在进行中，如您需要提问，请在话机上按星号键等候，请信号键按1。谢谢。Thank you everyone. If you would like to ask a question, please press star 1 on your telephone keypad. Press star and then 1. Thank you. 下面一位提问者是来自德意志银行的Michael 从。你好，你可以提问了。喂。喂，你好。对。我想追问两个问题，就是刚才知道你们甘肃和山西的这个直供电降价是1毛6分。我不知道管理层在这个直供电报价的时候是怎么考虑的，1毛6分的电价基本上没有什么边际利润的，为什么还要去报这么低的电价折扣去争取这个电量，在甘肃和山西这两个地方。第二个就是说能给我一下你们的燃气电厂去年的燃气的平均成本，就是每立方米多少钱，然后今年一季度的每立方米的燃气平均成本是多少。 From Deutsche Bank, two questions. First is you have mentioned that your tariff discount in Gansu province and Shanxi province is CNY 160 per MWh. So in this way, we say maybe there will be no marginal profit contribution for these two provinces. So why did you do that to maybe increase your power generation? The second question is about the gas. Could you please provide us your gas cost? For example, the CNY per cubic meters for the first quarter of this year and last year. 从先生这个问题也很尖锐，说我们山西和甘肃降了1毛6，还有没有边际效益？可以明确地告诉你是有边际效益。现在公司坚持就是要争取每一度有边际效益的电量，这是肯定有边际效益。第二个问题，就是再回答你，就说为什么边际效益这么低我们还要发？你不发，你没有边际效益。另外一个，就是我们的这个厂用电率，还有煤耗都要上来，那实际上是对我们成本很有影响。所以只要有边际效益，我们还是要扩大我们的发电量。 In terms of the first question about the marginal contribution in the Gansu and Shanxi provinces. Actually, we can confirm that in these two provinces, we can drop the marginal contribution in these two provinces. Also, the company's policy is as long as there is marginal contribution, we can increase our power generation in this way and to secure that our costs will not be increased just because of no power generation. 关于这个燃气的成本是这样，我们现在今年运行的燃机的公司是九个厂，每个地方的情况不完全一样，就说气价的总体范围在每立方米由CNY1.62，一直到最高的是CNY2.53。我给你一个当然是成本吧，这样的话就能看出今年和去年气价今年是有所下降。今年的就是2016年一季度的燃气的单位成本是CNY358.94每千瓦时，去年一季度的是CNY446.96每千瓦时，降了8分8。好。 In terms of the gas, currently we totally have 9 gas-fired power plants, and the gas price is really different from each other, from CNY 1.62 per cubic meter to CNY 2.53 per cubic meter. This applies the unit fuel cost for the gas-fired power business. For the first quarter of this year, it was CNY 358.94 per MWh, comparing to that of last year, CNY 446.96 per MWh, decreasing by CNY 88 per MWh. [Foreign language] Thank you so much for all of the questions and participation today. [Foreign language] Finally, Mr. Du would like to give us summary. 感谢各位参加华能的推介会，感谢各位一直以来给予公司的大力支持和持续的关注，也感谢浩天公司。今天的会议到此结束，若有进一步的问题，欢迎大家会后与公司的投资者关系处联系，谢谢大家。 Thanks for attending Huaneng Power's conference call, and thanks for your long term support and investment in this company, and also thanks the board from the Sky. The conference call today is to the end. Please contact our investor relations department if you have any further questions. Thank you. [Foreign language] Thanks again for your attendance of the conference call regarding the first quarter results announcement of 2016. We are looking forward to meeting with all of you our next results announcement. Thank you.