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On-grid tariff cut credit negative fir CR Power - Moody's
2014-09-19,经济日报经济通 (英文)

(经济通 (英文) 2014/09/16

Moody's Investor Service said that the downwardadjustment of on-grid tariffs for China Resources Power Holdings Company Limited's (CRPower)(00836) power plants is credit negative but has no impact on its Baa2 corporatefamily ratings and Baa3 senior unsecured rating。On 15 September 2014, CR Power announced that the on-grid tariff of its coal-fired powerplants will be reduced by RMB0。004-RMB0。019 per kilowatt hour (kWh)。

This translates into an average price reduction of RMB0.01 per kWh or 3%.

The tariff cut is prompted by the National Development and Reform Commission's

announcement made in August to lower the on-grid tariffs for coal-fired power plants inChina, effective 1 September 2014.

The cut is credit negative for CR Power because it will decrease its turnover and

profits, the credit rating agency said. Moody's expects that CR Power's revenue reduction

will total around RMB1.6 billion in 2015, based on calculations for expected annual netgeneration volume in 2015.Nevertheless, Moody's expects the resulting pressure on CR Power's profitability to be

manageable. (KL)

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