China Huaneng Group

In 1985, as China's economic reforms gained momentum, the State Council approved the formation of a new key state-owned enterprise: China Huaneng Group. This entity was established to spearhead the development and operation of power sources to meet the country's growing energy demands. Initially, a primary focus was the strategic shift from oil-fired power plants to coal-fired ones. A significant evolution in its structure occurred in 2002 when China's State Power Corporation was unbundled, establishing Huaneng as one of the five largest independent power generation groups. This pivotal government-led restructuring created a more competitive energy market. Throughout its journey, Huaneng has not relied solely on organic growth. Notably, in 2008, it acquired Singapore's Tuas Power and a 50% stake in InterGen, expanding its international footprint. To finance its vast infrastructure projects, Huaneng strategically utilized capital markets. A major step was the 1994 formation and subsequent IPO of its subsidiary, Huaneng Power International (HPI), on the New York Stock Exchange, later adding listings in Hong Kong and Shanghai. This move to bring in foreign capital was a pioneering step for China's power industry at the time. Today, China Huaneng Group operates as a global energy giant with a diverse portfolio that includes thermal, hydro, wind, and solar power, managed through numerous subsidiaries, including five publicly listed companies.