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Annual Report HUADIAN POWER INTERNATIONAL CORPORATION LIMITED 2009 Annual Report 3

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Annual Report HUADIAN POWER INTERNATIONAL CORPORATION LIMITED 2009 Annual Report 3 Contents 2 Company Profile 10 Chairman’s Statement 12 Business Review and Outlook 18 Directors, Supervisors and Senior Management 25 Management Discussion and Analysis 28 Directors Report 41 Corporate Governance Report 53 Supervisory Committee Report 56 Corporate Information 58 Report of the International Auditors 59 Financial Statements - Prepared under International Financial Reporting Standards 119 Five Years Financial Summary 120 Report of the PRC Auditors 121 Financial Statements - Prepared under China Accounting Standards for Business Enterprises 207 Supplementary Information Company Profile Huadian Power International Corporation Limited (the “Company”) and its subsidiaries (together, the “Group”) are one of the largest listed power producers in the People’s Republic of China (the “PRC”). The Group is primarily engaged in the construction and operation of power plants and other businesses related to power generation. As at the date of this report, the interested installed capacity of the Group amounted to 21,379.6MW, while the total installed capacity controlled by the Group amounted to 24,548.0MW. The total number of employees amounted to 18,058. HUADIAN POWER INTERNATIONAL CORPORATION LIMITED 2 2009 Annual Report HUADIAN POWER INTERNATIONAL CORPORATION LIMITED 2009 Annual Report 3 Zhongning Company Ningxia Power Company Lingwu Company Hebei Hydropower Company Shijiazhuang Thermal Power Company Hangzhou Banshan Company Kailu Wind Power Company Zhangqiu Company Weifang Company Tengzhou Company Shiliquan Plant Zouxian Plant Qingdao Company Zibo Company Laicheng Plant Dongyi Coal Company Suzhou Biomass Energy Company Chizhou Company Suzhou Company Wuhu Company Lu’an Company Xinxiang Company Luohe Company Guang‘an Company Luzhou Company Luding Hydropower Company Company Profile (Continued) The Company was incorporated in Jinan, Shandong Province, the PRC on 28 June 1994. On 30 June 1999, the Company issued approximately 1,431 million H shares in its initial public offering, which were listed on The Stock Exchange of Hong Kong Limited (“Hong Kong Stock Exchange”). At the beginning of year 2005, the Company issued 765 million A shares, which were listed on the Shanghai Stock Exchange on 3 February 2005. On 1 December 2009, the Company issued 750 million A shares through non-public issue, and such shares were listed on the Shanghai Stock Exchange. To date, the Company has issued 5,340,056,200 A shares and 1,431,028,000 H shares, accounting for approximately 78.87% and 21.13% of the total issued share capital of the Company, respectively. The power plants and companies of the Group are all strategically located in the vicinity of major coal mines or electricity load centres. As at the date of this report, details of the Group’s power generating facilities are as follows: Installed capacity Equity (MW) (As interest at the date held by the Generating Name of power plant/ company hereof) Company units Notes Zouxian Plant 2,540 100% 2 x 600MW + 4 x 335MW Shiliquan Plant 770 100% 1 x 330MW + 1 x 300MW + 1 x 140MW Laicheng Plant 1,200 100% 4 x 300MW Huadian Zouxian Power Generation 2,000 69% 2 x 1,000MW Company Limited (“Zouxian Company”) Huadian Weifang Power Generation 2,000 45% 2 x 670MW + 2 x Company Limited (“Weifang Company”) 330MW Huadian Qingdao Power Generation 1,200 55% 4 x 300MW Company Limited (“Qingdao Company”) Huadian Zibo Thermal Power Generation 433 100% 2 x 145MW + 2 x 2×300MW heat- Company Limited (“Zibo Company”) 71.5MW power co-generating (Note 1) units under construction Huadian Zhangqiu Power Generation 890 87.5% 2 x 300MW+ 2 x Company Limited (“Zhangqiu Company”) 145MW Huadian Tengzhou Xinyuan Power Company 930 93.257% 2 x 315MW+ 2 x Limited (“Tengzhou Company”) (Note 2) 150MW Huadian Laizhou Wind Power Company 40.5 55% 27 x 1.5MW Limited (“Laizhou Wind Power Company”) Huadian Ningxia Lingwu Power Generation 1,200 65% 2 x 600MW 2 X 1,000MW Company Limited (“Lingwu Company”) generating units under construction Ningxia Zhongning Power Generation 660 50% 2 x 330MW Company Limited (“Zhongning Company”) Huadian Ningxia Ningdong Wind Power 90 100% 60 x 1.5MW 12MW wind power Company Limited (“Ningdong Wind generating unit Power Company”) (Note 1 and Note 3) under construction Huadian Ningxia Ningdong Shangde — 60% — 10MW solar power Solar Power Company Limited generating unit (“Shangde Solar Company”) under construction (Note 1 and Note 4) HUADIAN POWER INTERNATIONAL CORPORATION LIMITED 4 2009 Annual Report HUADIAN POWER INTERNATIONAL CORPORATION LIMITED 2009 Annual Report 5 Company Profile (Continued) Installed capacity Equity (MW) (As interest at the date held by the Generating Name of power plant/company hereof) Company units Notes Sichuan Guang’an Power Generation 2,400 80% 2 x 600MW + 4 x Company Limited (“Guang’an Company”) 300MW Sichuan Huadian Luding Hydropower — 100% — 4×230MW Company Limited (“Luding Hydropower hydroelectric Company”) (Note 1) generating units under construction Sichuan Huadian Zagunao Hydroelectric 423 49% 3 x 65MW+ 3 x 168MW Development Company Limited 46MW + 3 x 30MW hydroelectric (“Zagunao Hydroelectric Company”) generating unit (Note 3) under construction Huadian Xinxiang Power Generation 1,320 90% 2 x 660MW Company Limited (“Xinxiang Company”) Huadian Luohe Power Generation Company 300 75% 1 x 300MW 1×300MW heat- Limited (“Luohe Company”) (Note 3) power co-generating unit under construction Huadian Qudong Power Generation — 90% — 2×300MW heat- Company Limited (“Qudong power co-generating Company”) (Note 1 and Note 4) units under construction Anhui Huadian Suzhou Power Generation 1,260 97% 2 x 630MW Company Limited (“Suzhou Company”) (Note 5) Anhui Huadian Wuhu Power Generation 1,320 65% 2 x 660MW Company Limited (“Wuhu Company”) Anhui Chizhou Jiuhua Power Generation 600 40% 2 x 300MW Company Limited (“Chizhou Company”) Huadian Suzhou Biomass Energy Power 25 78% 2 x 12.5MW Company Limited (“Suzhou Biomass Energy Company”) Anhui Huadian Lu’an Power Generation — 95% — 1×600MW Company Limited (“Lu’an Company”) generating unit (Note 1 and Note 4) under construction Huadian Inner Mongolia Kailu Wind Power 99 100% 66 x 1.5MW 300MW wind power Company Limited (“Kailu Wind Power generating unit Company”) (Note 1, Note 2 and Note 3) under construction Huadian Kezuozhongqi Wind Power — 100% — 49.5MW wind Company Limited (“Kezuozhongqi power generating Wind Power Company”) unit under (Note 1 and Note 4) construction Hangzhou Huadian Banshan Power 1,435 64% 3 x 390MW + 1 Generation Company Limited x 135MW+ 1 x (“Hangzhou Banshan Company”) 130MW Company Profile (Continued) Installed capacity Equity (MW) (As Interest at the date held by the Generating Name of power plant/ company hereof) Company units Notes Hebei Huadian Shijiazhuang Thermal 1,100 82% 2 x 300MW +2 2×300MW heat- Power Company Limited x 200MW + 4 x power co-generating (“Shijiazhuang Thermal Power 25MW units under Company”) (Note 1 and Note 3) construction Hebei Huadian Guyuan Wind Power 100.5 100% 67 x 1.5MW Company Limited (“Guyuan Wind Power Company”) (Note 3 and Note 4) Hebei Huadian Kangbao Wind Power — 100% — 49.5MW wind Company Limited (“Kangbao Wind power generating Power Company”) (Note 1 and Note 4) unit under construction Hebei Huadian Complex Pumping- 57 100% 1 x 16MW + 2 x storage Power Company Limited 15MW+ 1 x 11MW (“Hebei Hydropower Company”) Hebei Huarui Energy Group Corporation 1,866.7 100% — Limited (“Huarui Company”) (Note 6) Total controlled installed capacity (Note 7) 24,548.0 Total interested installed capacity (Note 8) 21,379.6 HUADIAN POWER INTERNATIONAL CORPORATION LIMITED 6 2009 Annual Report HUADIAN POWER INTERNATIONAL CORPORATION LIMITED 2009 Annual Report 7 Company Profile (Continued) Note 1: The four 230MW hydroelectric generating units project of Luding Hydropower Company was approved by the National Development and Reform Commission (the “NDRC”) on 3 March 2009; the two 300MW heat-power co-generating units project of Hebei Huadian Shijiazhuang Luhua Thermal Power Company Limited (“Luhua Company”) which is 90% jointly owned by Shijiazhuang Thermal Power Company and Huarui Company was approved by the NDRC on 8 July 2009; the 600MW generating unit project of Lu’an Company was approved by the NDRC on 21 July 2009; the two 300MW heat-power co-generating units project of Qudong Company was approved by the NDRC on 3 September 2009; the two 300MW heat-power co-generating units project of Zibo Company was approved by the NDRC on 11 November 2009; the 49.5MW wind power generating units project of Kezuozhongqi Wind Power Company was approved by the Development and Reform Commission of Inner Mongolia Autonomous Region on 6 July 2009; the 49.5MW wind power generating units project of Kangbao Wind Power Company was approved by the Development and Reform Commission of Hebei Province on 30 September 2009; the 49.5MW wind power generating units project of Yihetala Project Phase II of Kailu Wind Power Company was approved by the Development and Reform Commission of Inner Mongolia Autonomous Region on 29 October 2009; the 12MW wind power generating units of Phase I and II Expansion Project of Ningdong Wind Power Company was approved by the Development and Reform Commission of Ningxia Hui Autonomous Region on 14 December 2009; the 10MW solar power generating units project of Shangde Solar Company was approved by the Development and Reform Commission of Ningxia Hui Autonomous Region on 24 June 2009. Note 2: The Group’s shareholding in Tengzhou Company increased from 89.255% to 93.257% on 1 January 2009, the Group’s
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