Huaneng Power International
Corporate brand
UnclaimedA Chinese state-controlled power-generation company developing, constructing and operating large electricity-generating facilities in China and Singapore.
Last updated October 12, 2026
Overview
Huaneng Power International, Inc. (HPI), commonly known as Huaneng Power, is a Chinese electric-power company and the principal listed platform associated with China Huaneng Group. Established in 1994, it was created during the reorganization of Huaneng International Power Development Corporation and has focused on developing, constructing and operating large power plants. Its generation portfolio has included coal-fired, gas-fired, hydroelectric and wind facilities, giving the company a broader generation mix than a purely coal-based utility, although conventional thermal generation has historically been important to its business. The company developed an unusual multi-market capital structure for a Chinese power producer. Its American depositary shares were listed in New York in 1994, its H shares were listed on the Hong Kong Stock Exchange on 21 January 1998, and its A shares began trading on the Shanghai Stock Exchange on 6 December 2001. The Hong Kong listing has made HPI accessible to international investors, while the Shanghai listing provides a domestic equity-market presence. The company has also been included in major Chinese equity indexes at different times, including the Hang Seng China Enterprises Index for its H shares and the SSE SmallCap Index for its A shares under the selection criteria described in the reference material. HPI's corporate development has been closely connected to changes in China's power-sector organization. In 1997, HPI, China Huaneng Group and Huaneng International Power Development Corporation became part of the State Power Corporation of China. After the State Power Corporation was dismantled in 2003, China Huaneng Group became directly supervised by China's State-owned Assets Supervision and Administration Commission, placing HPI within a state-controlled energy group structure. The parent group subsequently transferred or injected additional generation assets into the listed company as part of a wider effort to place group assets into a public-market vehicle. The company expanded through both internal restructuring and acquisitions. In 2000 it absorbed Shandong Huaneng Power Development, another listed sister company. In 2004 it acquired an additional minority interest in the Jinggangshan Power Plant from an investment entity associated with Jiangxi Province. HPI also expanded outside mainland China through its purchase of SinoSing Power from China Huaneng Group in 2008. SinoSing Power had acquired Tuas Power from Temasek Holdings in March 2008, and HPI acquired the special-purpose vehicle in April of that year. Tuas Power became HPI's principal Singapore operating asset and gave the company a direct presence in the Singapore electricity market. HPI's business scope includes power-project development, construction, operation and electricity sales. Its disclosed assets and investments have included Jinggangshan, Luohuang, Hanfeng, Yueyang and Yingkou power plants, as well as Tuas Power in Singapore. The company has also participated in renewable-energy development and held selected investments in energy-related financial and power-sector entities. As a government-controlled listed utility, its strategic role combines commercial electricity generation with participation in the expansion and restructuring of China's power system.
History
Huaneng Power International was established in 1994 by China Huaneng Group as a new legal entity formed through the reorganization of Huaneng International Power Development Corporation. Its initial purpose was to provide a corporate platform for the development, construction and operation of large power plants and to support the wider Huaneng group's participation in China's electricity industry. The company also entered international capital markets at an early stage: its American depositary shares were listed in New York in 1994. In 1997, HPI, China Huaneng Group and Huaneng International Power Development Corporation became part of the State Power Corporation of China. This arrangement reflected the large-scale institutional restructuring of China's power sector during the 1990s, when electricity assets and commercial activities were being reorganized into major state-owned groups. HPI subsequently established a substantial public-market presence. Its H shares were listed in Hong Kong on 21 January 1998, while its A shares were listed in Shanghai on 6 December 2001. The company grew through consolidation as well as new project development. In 2000, HPI absorbed Shandong Huaneng Power Development, a fellow listed company. Following the dismantling of the State Power Corporation of China in 2003, China Huaneng Group became directly supervised by the State-owned Assets Supervision and Administration Commission of the State Council. HPI consequently became a listed company within the reorganized China Huaneng group structure. The parent group also transferred additional assets to the listed platform over time. In 2004, HPI acquired an additional 10 percent interest in Jinggangshan Power Plant from an investment entity associated with Jiangxi Province. The company later expanded internationally. In March 2008, a special-purpose vehicle called SinoSing Power acquired Tuas Power from Temasek Holdings, the Singapore government-owned investment company. In April 2008, HPI acquired SinoSing Power from China Huaneng Group for approximately US$985 million, thereby bringing Tuas Power into its portfolio. This transaction established a direct Singapore operating business alongside HPI's mainland Chinese generation assets. By the period covered in the reference material, HPI's operating and controlled assets included Jinggangshan, Luohuang, Hanfeng, Yueyang and Yingkou power plants in China and Tuas Power in Singapore. Its generation portfolio included coal, gas, hydroelectric and wind power, and the company was also involved in developing renewable-energy projects. It held selected interests in other power and finance-related entities, including China Huaneng Finance, while a former investment in China Yangtze Power was disposed of in 2017.
- 2017
China Yangtze Power investment is disposed of
[1]The reference material records the disposal of HPI's 0.65 percent investment in China Yangtze Power.
- 2008
Tuas Power enters the HPI portfolio
[1]HPI acquired SinoSing Power from China Huaneng Group, bringing Singapore-based Tuas Power into its international operating portfolio.
- 2004
Additional Jinggangshan Power Plant interest acquired
[1]HPI acquired an additional 10 percent minority interest in Jinggangshan Power Plant from an investment entity associated with Jiangxi Province.
- 2003
Repositioning after the State Power Corporation breakup
[1]Following the dismantling of the State Power Corporation of China, China Huaneng Group became directly supervised by the State-owned Assets Supervision and Administration Commission.
- 2001
Shanghai A-share listing
[1]HPI's A shares began trading on the Shanghai Stock Exchange on 6 December.
- 2000
Absorption of Shandong Huaneng Power Development
[1]HPI absorbed the fellow listed company Shandong Huaneng Power Development as part of its consolidation and expansion.
- 1998
Hong Kong H-share listing
[1]HPI listed its H shares on the Stock Exchange of Hong Kong on 21 January.
- 1997
HPI becomes part of the State Power Corporation structure
[1]HPI, China Huaneng Group and Huaneng International Power Development Corporation became part of the State Power Corporation of China.
- 1994
Huaneng Power International is established
[1]China Huaneng Group established HPI as a new legal entity through the reorganization of Huaneng International Power Development Corporation.
- 1994
American depositary shares are listed in New York
[1]HPI entered the international capital markets through the listing of its American depositary shares in New York.
Products and positioning
A large, state-controlled integrated electricity generator with a diversified generation portfolio and operations in China and Singapore.
Electricity generation
Coal-fired power generation
Coal-fired generation has historically formed an important part of HPI's large-scale mainland Chinese power-plant portfolio. The business involves developing, constructing and operating utility-scale thermal generating units and selling the resulting electricity through the applicable Chinese power-market and grid arrangements.
Electricity generation
Gas-fired power generation
HPI operates gas-fired generation as part of its broader multi-fuel portfolio. Gas plants complement coal, hydro and renewable assets by providing another form of dispatchable generation for electricity supply in the markets where the company operates.
Renewable electricity generation
Hydroelectric power generation
Hydroelectric generation is one of the non-thermal technologies represented in HPI's portfolio. It forms part of the company's effort to maintain a mix of generation assets rather than relying exclusively on fossil-fuel plants.
Renewable electricity generation
Wind power generation
HPI is involved in wind-power development and operation as part of its renewable-energy activities. The reference material identifies renewable projects as an area of the company's business, although it does not provide a complete project-by-project inventory.
Singapore power generation · 2008
Tuas Power
Tuas Power is HPI's Singapore operating business, brought into the group through the 2008 acquisition of SinoSing Power. It represents the company's principal international operating platform and extends its utility-generation activities beyond mainland China.
Controversies
Brand decisions
2017
Disposal of China Yangtze Power investmentStrategyBackground
HPI reviewed its equity investments in other power-sector companies.
Action taken
The company disposed of its 0.65 percent interest in China Yangtze Power.
Aftermath
China Yangtze Power was no longer listed as a current significant equity investment in the reference period.
2008
Acquisition of SinoSing PowerM&ABackground
China Huaneng Group used SinoSing Power as the vehicle for acquiring Singapore-based Tuas Power from Temasek Holdings.
Action taken
HPI acquired SinoSing Power from China Huaneng Group in April 2008.
Aftermath
Tuas Power became a wholly owned HPI subsidiary and established the company's direct presence in Singapore. The transaction value reported in the reference material was approximately US$985 million for HPI's acquisition of SinoSing Power.
Acquisition consideration. Approximately US$985 million (April 2008)
2004
Acquisition of an additional Jinggangshan Power Plant interestM&ABackground
HPI increased its ownership in an important generation asset through a transaction with an investment entity associated with Jiangxi Province.
Action taken
HPI acquired an additional 10 percent minority interest in Jinggangshan Power Plant.
Aftermath
The acquisition increased HPI's stake in the plant; the available reference does not state the resulting total ownership or financial outcome.
2000
Absorption of Shandong Huaneng Power DevelopmentM&ABackground
HPI pursued consolidation within the Huaneng group and the Chinese listed power sector.
Action taken
The company absorbed fellow listed company Shandong Huaneng Power Development.
Aftermath
The transaction expanded HPI's corporate and operating platform, although the reference material does not provide post-transaction financial effects.
Recent events
- 2008
Huaneng Power International completes acquisition of SinoSing Power[1]
M&A
HPI acquired SinoSing Power from China Huaneng Group. SinoSing Power had acquired Singapore's Tuas Power from Temasek Holdings earlier in 2008, giving HPI a major operating presence in Singapore.
- 2001
Huaneng Power International's A shares begin trading in Shanghai[1]
Other
The company's domestic A shares were listed on the Shanghai Stock Exchange on 6 December 2001.
- 1998
Huaneng Power International lists H shares in Hong Kong[1]
Other
HPI listed its H shares on the Stock Exchange of Hong Kong on 21 January 1998, extending its access to international capital markets.
Sources5 sources
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