BEIJING -- Three electricity companies have forecast dramatic net profit growth in 2013, China Securities Journal reported on Thursday.

Zhangze Electric Power Co Ltd estimated 420 million yuan to 480 million yuan ($78.7 million) in net profit, potentially more than a six fold increase.

Changyuan Electric Power Co Ltd predicted net profits of 275 million yuan to 315 million yuan, up 225 percent to 272 percent year on year.

Guangdong Electric Power Development Co Ltd forecast between 2.89 billion yuan and 3.4 billion yuan in net profit, up as much as 100 percent.

All three companies attributed their profit growth to falling fuel costs, mainly coal.

Analysts said the growth would persist in 2014 as the economy stabilizes.