China's Huaneng Power to avert losses in Q1: exec

Huaneng Power is confident of avoiding losses in the first quarter of this year, a top official said.

Cao Peixi, general manager of Huaneng Group, China's largest independent power producer, said that falling coal prices meant cost pressures were expected to ease over the course of 2012.

"The operational situation of thermal power plants will improve this year compared to last year," he said. "Unit fuel costs for Huaneng Power International are not likely to increasethis year."

Huaneng warned in a January statement to the Hong Kong Stock Exchange that it expected its2011 profit to fall more than 50 percent from a year ago.

"Power generation was low in January and there were fewer days in February. I don't think Huaneng Power International will make losses at the end of Q1," Cao said.

Cao said the Huaneng Group was looking at overseas renewable energy projects as potential acquisition targets.

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