Power produced by China's Three Gorges Group rises 7% Y-o-Y in Q1

CTG generated more than 107.4 billion kilowatt-hours (kWh) of electricity in the January-March period, marking a 7 per cent rise on year and exceeding its quarterly target by about 4.4 billion kWh. The company benefited from above-normal rainfall and strong wind resources during the quarter. The group also revealed that it had maintained steady operations during the Chinese New Year holiday in mid-February.

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The company's hydropower, wind, and solar activities all generated record output during the quarter, underscoring CTG's increasingly diversified and complementary clean-energy portfolio, it said.

Analysts say the company's strong performance in hydro and renewables mirrors China's accelerating structural shift in power mix, reducing reliance on coal-fired power plants that have long dominated the country's electricity supply system.

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Official data for January-February 2026 showed thermal power generation rose only 3.3 per cent on year, lagging behind hydro's 6.8per cent, wind's 5.3 per cent, and solar's 9.9 per cent. With the rainy season approaching, the substitution effect is expected to intensify, weighing on coal consumption at utilities.

During this year's January-March quarter, China's benchmark 5,500 kcal/kg NAR thermal coal prices averaged about 1.4 per cent lower from a year earlier, reaching RMB  702.7 per tonne (USD 102.8 per tonne), according to Mysteel's assessment, reflecting looser supply-demand fundamentals.

Analysts cautioned that clean energy could continue to eat into thermal power's share, putting further pressure on domestic coal prices.

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