Clean power in China is gaining ground

The power generation mix is shifting quickly.

The clean power sector of China has been noted to be stronger for longer growth dynamics.

According to a research note from Barclays, the shift of power generation mix in China is accelerating with thermal power
generation declining 1.3% YTD.

Meanwhile, clean power is gaining market share. YTD increase in power generation for hydro, wind and nuclear has been 18%, 25% and 31% y/y respectively.

Here's more from Barclays:

The growth pipeline for nuclear and wind power is getting even stronger. The NDRC has accelerated project approvals for nuclear, while 5th batch under 12th plan for wind power projects at 34GW has been highest so far.

Huaneng Renewables (OW) appears to be better positioned on both an absolute basis and relative to peers, with the strongest capacity growth in 2015.

Nuclear power is entering into a stronger growth phase beginning in 2015 with CGN Power (OW) our preferred nuclear pick.

We update our forecasts for 1Q15 results with a mark-tomarket of commodity price assumptions; we make changes to our price targets, while ratings remain unchanged.

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