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China Huaneng Group, one of the nation's five largest power companies, is to maintain its growing momentum in 2004 and join the Fortune 500 list by 2010.

Huaneng President Li Xiaopeng announced the ambitious plan yesterday at the 2004 working conference of the group and said that the power giant is extending into the financial sector.

According to Huaneng's general scheme, it will generate 189.8 billion kilowatt hours this year, 9 per cent up from last year's 174.4 billion kilowatt hours.

Meanwhile, China Huaneng Group, the parent firm of Asia's largest independent power generator Huaneng International, will build 10 new power projects to make its total generating capacity to reach 8.695 million kilowatts.

In addition, the combined sales revenue will exceed 50 billion yuan (US$6.02 billion) this year, which was 45.6 billion yuan (US$5.49 billion) last year.

And the combined profits of Huaneng in 2004 will be 8 per cent higher than in 2003, but the group did not reveal the figures.

Huaneng expects to launch the construction of generators capable of producing 7.5 million kilowatts of electricity in the years to come.

By 2010, generating capacity is expected to hit 60 million kilowatts, accounting for what will be 10 per cent of the nation's total, Li said.

By then, the sales revenue will surpass US$10 billion, which may make Huaneng enter the Fortune 500.

"Our ultimate goal is to make Huaneng an internationally competitive company," said Li in his speech.

In addition to its major power-generation business, Huaneng plans to enter other sectors, such as finance, transportation, information technology and renewable energy.

Huaneng is "actively preparing for the launch of an insurance company and a fund joint venture, and we are trying our best to take them into practices this year," Li said. But he did not disclose the details of the plan.

The co-existing capital management company and financial company should well optimize the structure of various financial products and upgrade management skills to avoid risks and increase the operational efficiency of the group.

On December 9, 2003, Huaneng issued 10-year bonds to raise 4 billion yuan (US$483.6 million) to fund construction and expansion projects at four of its power plants.

Huaneng purchased stakes in Shenzhen Energy Group and Haikou Fire Electricity, linked up with the Inner Mongolia government to set up the North Electric Power Co Ltd, and implemented property right reforms in some subsidiaries.

So far, besides hydropower projects, Huaneng is seeking for co-operating with domestic and foreign local coal enterprises to promote the coal-electricity projects, such as setting up coal bases and coal transferring bases home and abroad as well as establish joint ventures or long-term energy exploration alliances.

Nuclear power and wind power plants are also in the design stage.

Last month, Huaneng agreed to pay US$227 million for a 50 per cent share in OzGen, an Australian subsidiary of Boston-based InterGen, which is the first deal among Chinese companies seeking to acquire major overseas assets in the power-generating sector.

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