China Resources Power:January power generation was in line with our expectation

China Resources Power (CRP, 0836.HK, CL-Buy, February 13 close: HK$13.94)announced its January operational data. With its latest announcement, CRPcontinues to report group totals but has ceased reporting on individual power plants.

- January subsidiary same-plant net generation (i.e., same-store sales) fell by 9.8%yoy. The company attributed the slowdown in power demand mainly to an earlierChinese New Year Holiday (starting in January this year rather than in February lastyear).

- January consolidated net power generation (-5.2% yoy; all subsidiary powerplants) is in line with our expectations, while total coal production (-13.1% yoy) istrending below our expectations.