Towngas Smart Energy (1083) said its core profit fell 4% in the first half, as lower electricity prices slowed growth in its renewable energy business, according to Ming Pao.

Executive Director and CEO Wong Wai-yee said the pressure from falling power prices is expected to ease significantly in the second half after the “midday trough” pricing policy began rolling out in the first half of last year, allowing per-unit industry profitability to improve gradually.

The company also plans to accelerate the rollout of photovoltaic projects and targets 0.8 GW of new solar grid connections in the second half, in an effort to reverse the decline in power generation revenue.