8 Major Japan Power Firms Log Net Losses in April-Dec.
Tokyo, Feb. 1 (Jiji Press)--Eight of Japan's nine major power utilities incurred hefty group net losses in April-December, according to their latest earnings reports released by Wednesday.
In the first nine months of fiscal 2022, the power suppliers were battered by surges in procurement costs for liquefied natural gas and coal for power generation chiefly brought on by Russia's invasion of Ukraine.
Of the eight, Tokyo Electric Power Company Holdings Inc. <9501>, or TEPCO, Tohoku Electric Power Co. <9506>, Chugoku Electric Power Co. <9504> and Hokuriku Electric Power Co. <9505> booked record net losses, of 650.9 billion yen, 230.3 billion yen, 166.7 billion yen and 75.7 billion yen, respectively.
Kansai Electric Power Co. <9503> and Kyushu Electric Power Co. <9508> suffered respective net losses of 124.4 billion yen and 89.4 billion yen.
Meanwhile, Shikoku Electric Power Co. <9507> posted a net profit of 1.8 billion yen, thanks to reduction in fuel costs through the reactivation of the No. 3 reactor at its Ikata nuclear power plant.
[Copyright The Jiji Press, Ltd.]