Jiantou Energy: It is expected that the coal price center will be roughly close to 2025 by 2026.

Jian Tou Energy said in response to questions from research investigators that it expects the domestic coal market in China in 2026 to present an overall balanced pattern. The full-year coal price benchmark will basically be close to that of 2025, and the year-on-year breadth of price fluctuations will narrow.

Jian Tou Energy also said that in 2025, affected by factors including new energy curtailment and a warm winter climate, the company completed a cumulative generation volume of 52.321 billion kWh, down 3.56% year over year. It also completed a cumulative on-grid electricity volume of 48.562 billion kWh, down 3.58% year over year. The company completed a cumulative heat supply volume of 70.7536 million GJ, down 1.27% year over year. Of this, residential heat supply volume was 64.3586 million GJ, down 3.15% year over year; industrial heat supply volume was 6.3950 million GJ, up 22.58% year over year.

In terms of performance, in 2025, Jian Tou Energy precisely seized the period of coal price declines in stages, continuously optimized the allocation of coal resources, and strengthened refined control over costs and expenses, thereby achieving a year-on-year increase in profitability for its thermal power business. At the same time, it proactively advanced a diversified financing strategy, optimized its capital structure, and lowered financial expenses. The company expects that in 2025 it will achieve net profit attributable to shareholders of listed companies of RMB 1.877 billion, up 253.38% year over year, and basic earnings per share of RMB 1.04 per share.

It also specifically pointed out that, as thermal power is shifting its role to “baseload + peak-shaving,” its ancillary services revenue has grown significantly.

Jian Tou Energy also mentioned that in 2025, in Hebei Province, the coal-power capacity electricity price was set at RMB 100 per kW per year. Capacity charges are compensated based on the units’ maximum output capability, and are settled monthly together with electricity transaction charges. For 2025, the company has already received capacity charges on a monthly basis. In 2026, Hebei Province’s coal-power capacity electricity price has been raised to RMB 165 per kW per year.

Regarding construction projects, the Phase 4 project of the Xibaipo power plant, in which the company holds a controlling interest—2×660,000 kW—and the second phase of the Renqiu thermal power project—2×350,000 kW—are currently under construction, with plans to achieve commissioning and operation in the second half of 2026. At the same time, some equity-invested thermal power companies are also in the construction stage, including the Cangdong power plant Phase 3 project—2×660MW—and the Dingzhou power plant Phase 3 project—2×660MW. The Qin power project—2×350MW—has already been commissioned and put into operation. The Hengfeng power plant expansion project—2×660MW—is advancing preliminary work and has not started yet. In the future, Jian Tou Energy’s equity-based installed capacity in thermal power will further expand.

Jian Tou Energy said that during the “15th Five-Year Plan and the period beyond” (the 15–15th Five-Year Plan) period, it will continue to anchor the goal of building a comprehensive energy company of “leading in the region and first-class nationwide,” and will build an “one body and two wings” industrial layout with thermal power as the main focus and energy storage and new energy as supplements. For incremental thermal power, it will do a good job in constructing existing projects under development, actively carry out like-for-like capacity replacement, strive for large-capacity units, develop industrial steam supply projects, and pool industrial resources. For new energy development, it will actively promote the optimization and upgrading of the company’s asset structure, build a new energy system featuring multi-energy integration, plan new energy projects in regions with high-quality resources, and also actively deploy flexibility resources.

Editor | Xu Huyang

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