Press Release
FY2022 Second Quarter Financial Results
November 1, 2022
Tokyo Electric Power Company Holdings, Inc.
Today, Tokyo Electric Power Company Holdings, Inc. (TEPCO HD) released its consolidated financial results for the second quarter of FY2022 (April 1-September 30, 2022).
Despite the Group-wide continual efforts to improve income and expenditure, consolidated ordinary income decreased year-on-year (YoY) by 340.2 billion yen and resulted in a loss of 238.8 billion yen due to worsening of the impact for JERA from the time lag inherent to the fuel cost adjustment system and an increase in electricity procurement expenses resulting from a surge in fuel/wholesale electricity market prices.
Furthermore, quarterly net income attributable to owners of the parent came to a loss of 143.3 billion yen due to the appropriation of 32.7 billion yen in nuclear damage compensation as extraordinary loss and 123.3 billion yen in gain on sales of subsidiaries and affiliates' stock as extraordinary profit.
[Ordinary income/loss for core companies]
Ordinary income/loss for FY2022Q2 for each core company is as follows:
- Ordinary income for TEPCO HD decreased by 11.1 billion yen YoY to 86.8 billion yen due mainly to a decrease in dividends received from core companies.
- Ordinary income for TEPCO Fuel & Power, Inc. decreased by 94.6 billion yen YoY and resulted in a loss of 87.3 billion yen due mainly to worsening of the impact for JERA from the time-lag inherent to the fuel cost adjustment system.
- Ordinary income for TEPCO Power Grid Inc. decreased by 44.4 billion yen YoY to 62.1 billion yen due mainly to a sharp increase in electricity procurement expenses resulting from a surge in fuel prices.
- Ordinary income for TEPCO Energy Partner, Inc. decreased by 233.1 billion yen YoY and resulted in a loss of 227.3 billion yen due mainly to a sharp increase in electricity procurement expenses resulting from a surge in fuel/wholesale electricity market prices.
- Ordinary income for TEPCO Renewable Power Inc. increased by 8.4 billion yen YoY to 43.4 billion yen due mainly to an increase in wholesale power sales.
[FY2022 Performance Forecasts]
FY2022 forecasts for operating revenue, ordinary income/loss, and net income/loss attributable to owners of parent have not been determined due to the uncertain outlook for fuel prices and electricity sales volume impacted by the situation in Ukuraine and other factors, which makes it difficult to provide specific performance forecasts. We shall make an announcement when the prefomance forecasts are ready for release.
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