China Resources Power’s Weak Renewable Tariffs Are Offset by a Recovering Thermal Power Business

China Resources Power, or CR Power, is one of China's leading independent power producers, with high efficiency power generation assets and an established operation track record. As of end-2025, the firm had a total attributable operational generation capacity of about 89.6 gigawatts, or GW. Thermal power plants accounted for 50.0% of its total capacity, with the remainder from wind, photovoltaic and hydro power. Given the significant proportion of thermal power plants, CR Power's profitability is subject to underlying coal price swings, thus increasing earnings volatility.