Energy

Attributable profit from power generation increased substantially in 2013 from 2012 due to more electricity and heat generated, especially by the Ligang Power Station as well as a significantly lower price of coal. For 2013, total electricity and heat generated by power plants in which CITIC Pacific has an interest increased 10% and 24% respectively due to the rise in electricity demand. The Ligang power plant substantially increased 100% of its heat generation capacity as a result of a technical upgrade. Ligang also expanded its wharf facilities therefore further increasing its transportation capacity, which in turned help lower transportation costs. In November 2013, CITIC Pacific sold 49% of its interest in the Shandong Chenming power plant.

The reduced price of coal meant that Xin Julong coal mine in Shandong, in which CITIC Pacific holds a 30% interest, recorded a lower attributable profit even though it produced 8 million tonnes of coal in 2013, 31% more than 2012.

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