Overview Key strengths Key risks Entrenched market position as a key energy provider in China's Guangdong province. Volatile profitability owing to fluctuations in coal and gas prices. Rapid expansion in clean energy capacity reduces coal power concentration. Increasing leverage driven by accelerating capital expenditure (capex) on clean energy. Sound capital structure and low funding costs, given its state-owned background and support from the provincial government. Market-based trading will lead to higher price and volume risk. With about 90% of power sales being market traded in 2022 (2021: 61%), GEG faces new challenges in pricing and soliciting clients in power sales market. The power supply and demand dynamics will have a more direct impact on the company's average tariff, on top
