Performance Analysis of Green oriented M&A in Thermal Power Enterprises: A Case Study of Huaneng Power International

Abstract

Under the "dual carbon" goal, green and low-carbon transformation of thermal power enterprises has become a general trend, and green‑oriented M&A is an important way for enterprises to quickly acquire clean energy assets. This paper is based on the green‑oriented M&A event of a certain enterprise in 2020. It selects data from 2018 to 2025, constructs a performance evaluation system from the dimensions of financial performance and environmental performance, and conducts a horizontal comparative analysis with t[he same industry. The research shows that green‑oriented M&A can quickly increase the proportion of clean energy installed capacity, optimize the power source structure, and thus improve the environmental performance by directly acquiring existing grid - connected clean energy assets. Constrained by factors such as the scale of M&A and the cyclical fluctuations of coal prices, the short - term financial synergy effect is weak. In the long run, the incorporated clean energy assets can continuously optimize the enterprise's business structure and alleviate the profit fluctuations of the thermal power business to a certain extent. The research conclusions can provide practical references for thermal power enterprises to implement green‑oriented M&A and promote low - carbon transformation.