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TEPCO's first profits since 3/11

April 30, 2014

Tepco moves into black for first time since Fukushima meltdowns




Tokyo Electric Power Co. said Wednesday it moved into the black in fiscal 2013 amid drastic cost-cutting efforts since its Fukushima No. 1 nuclear complex was wrecked by the natural disasters of March 2011, bleeding the utility dry.

Tepco, which is undergoing restructuring under effective state control, reported a group net profit of ¥438.65 billion in fiscal 2013, which ended March 31, compared with a loss of ¥685.29 billion the previous year.

It also posted a group pretax profit of ¥101.42 billion against a loss of ¥326.96 billion in fiscal 2012.

But Tepco’s struggle to get its business back on track is likely to continue, with prospects unclear on when the company will be able to restart the Kashiwazaki-Kariwa nuclear plant in Niigata Prefecture — a key element in its turnaround plan.

Tepco has been reluctant to resort to another electricity rate hike even if the Kashiwazaki-Kariwa plant fails to resume operations from July, as assumed in the firm’s revamped turnaround plan that was approved by the government in January.

Meanwhile, group sales in fiscal 2013 increased 11 percent from the previous year to ¥6.63 trillion, supported by electricity rate hikes in 2012 to cope with surging fuel costs for thermal power generation while all Tepco’s nuclear reactors remained offline.

Tepco did not release an earnings outlook for the current fiscal year due to the continuing uncertainty over resuming operations at Kashiwazaki-Kariwa.

All of the nation’s 16 commercial nuclear power stations are currently offline, as reactors have to clear new safety requirements introduced after the Fukushima nuclear meltdowns. Tepco filed for a state safety assessment of reactors 6 and 7 at Kashiwazaki-Kariwa last September, but it is not clear when the process will end.




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