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Huadian Power International Corp, the fourth-largest Hong Kong-listed electricity producer, plans to cut spending on new plants by two-thirds next year to increase profitability.

Capital investment may drop to 5 billion yuan to add 1,200 megawatts of capacity in 2008, said Zhang Gelin, head of the Beijing-based utility's securities department.

Spending may total 15 billion yuan this year, Managing Director Chen Jianhua said on March 26.

(For more biz stories, please visit Industry Updates)