Company: AEHL
Filing Date: 2025-08-05
Form Type: 20-F/A
Source: 0001641172-25-022290
Chunk: 21

Company: Antelope Enterprise Holdings Ltd
Filing Date: 2025-08-05
Form: 20-F/A
Chunk 21
---
, greater access to credit and other financial resources, lower cost structures, greater ability
to incur losses, longer-standing relationships with customers, greater potential for profitability from ancillary services or greater
flexibility in the timing of their sale of generation capacity and ancillary services than we do.

Additionally, there is extensive
competition in the retail power markets. Competitors may offer lower prices or other incentives which may attract customers away from
our retail subsidiaries. We may also face competition from a number of other energy service providers, other energy industry participants,
or nationally branded providers of consumer products and services who may develop businesses that will compete with our retail subsidiaries.

We will rely on power transmission and fuel distribution facilities owned and operated by other companies.

We will depend on facilities and
assets that we do not own or control for the transmission to our customers of the power produced by our generators and the distribution
of natural gas to our generators. If these transmission and distribution systems are disrupted or capacity on those systems is inadequate,
our ability to sell and deliver power products or obtain fuel may be hindered. Independent system operators that oversee transmission
systems in regional power markets have imposed price limitations and other mechanisms to address volatility in their power markets. Existing
congestion, as well as expansion of transmission systems, could affect our performance, which in turn could adversely affect our business.

| 12 |

We may be unable to obtain an adequate supply of fuel in the future.

We aim to obtain substantially
all of our physical natural gas supply from third parties pursuant to arrangements that may vary in term, pricing structure, firmness
and delivery flexibility.

We are exposed to increases in
the price of natural gas, and it is possible that sufficient supplies to operate our portfolio profitably may not continue to be available
to us. In addition, we will face risks with regard to the delivery to and the use of natural gas by our electricity generators including
the following:

● third-party suppliers may default on natural
gas supply obligations, and we may be unable to replace supplies currently under contract;

● market liquidity for physical natural gas
and fuel oil or availability of natural gas services (e.g. storage) may be insufficient or available only at prices that are not acceptable
to us;

● natural gas quality variation may adversely
affect our electricity generator;

● our natural gas and operations capability
may be compromised due to various events such as natural disaster, loss of key personnel or loss of critical infrastructure;

● fuel supplies diverted to residential heating
for humanitarian reasons; and