Company: AEHL
Filing Date: 2025-05-01
Form Type: 20-F
Source: 0001641172-25-008020
Chunk: 4

Company: Antelope Enterprise Holdings Ltd
Filing Date: 2025-05-01
Form: 20-F
Item: Item 3
Chunk 4
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Risk Factors Relating to the Planned Energy Supply
Business

We might not be able
to launch the energy supply business as planned or at all, or generate revenue as planned.

Our plan is subject to many factors
that are beyond of our control such as fluctuation of the natural gas price, business negotiation with the natural gas provider(s), fluctuation
of the crypto price, competition of various electricity suppliers in the region where we plan to operate etc. As a new player in the energy
industry, we might not be able to secure natural gas at the price point as we desire and manage the business as planned.

Our financial performance
in this planned business will be affected by commodity price fluctuations in the wholesale and retail power and natural gas markets and
other market factors that are beyond our control.

We will use natural gas as the
source to generate electricity. Market prices for power, generation capacity, ancillary services, and natural gas are unpredictable. Depending
upon price risk management activity undertaken by us, a decline in market prices for power, generation capacity, and ancillary services
may adversely affect our financial performance. Long- and short-term power and natural gas prices may also fluctuate substantially due
to other factors outside of our control, including:

● increases and decreases
in generation capacity in our markets;

● changes in power
transmission capacity constraints or inefficiencies;

● volatile weather
conditions, particularly unusually hot or mild summers or unusually cold or warm winters in our market areas;

● an economic downturn
which could negatively affect demand for power;

● changes in the supply
of commodities utilized as fuel sources for power generation, including but not limited to coal, natural gas and fuel oil;

● technological shifts
resulting in changes in the demand for power or in patterns of power usage, including the potential development of demand-side management
tools, expansion and technological advancements in power storage capability and the development of new fuels or new technologies for the
production or storage of power;

● federal and state
power, market and environmental regulation and legislation, including mandating a renewable portfolio standards or creating financial
incentives, each resulting in new renewable energy generation capacity creating oversupply; and

● changes in capacity
prices and capacity markets.

These factors may cause our
operating results of the energy supply business to fluctuate in the future.

If China’s inflation increases or the
prices of energy or raw materials increase, we may not be able to pass the resulting increased costs to our customers and this may adversely
affect our