Press Release
FY2022 Third Quarter Financial Results
February 1, 2023
Tokyo Electric Power Company Holdings, Inc.
Today, Tokyo Electric Power Company Holdings, Inc. (TEPCO HD) released its consolidated financial results for the third quarter of FY2022 (April 1- December 31, 2022).
Despite the Group-wide continual efforts to improve income and expenditure, ordinary income decreased year-on-year (YoY) by 426.1 billion yen and resulted in a loss of 353.8 billion yen due to the increased impact of the time lag from the fuel cost adjustment system at JERA 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 650.9 billion yen after the appropriation of 483.7 billion yen of nuclear damage compensation as extraordinary loss with the posting of 123.3 billion yen of gain on sales of subsidiaries and affiliates’ stock and 62.7 billion yen of gain on sales of fixed assets as extraordinary income.
[Ordinary income/loss for core companies]
Ordinary income/loss for FY2022Q3 for each core company is as follows:
- Ordinary income for TEPCO HD decreased by 24.5 billion yen YoY to 47.4 billion yen due mainly to a decrease in dividends received from core companies.
- Ordinary loss for TEPCO Fuel & Power, Inc. increased by 72.2 billion yen YoY to a loss of 81.5 billion yen due mainly to the increased impact of the time-lag from the fuel cost adjustment system at JERA.
- Ordinary income for TEPCO Power Grid Inc. decreased by 48.4 billion yen YoY to 115.0 billion yen due mainly to a sharp increase in electricity adjustment costs resulting from a surge in fuel prices.
- Ordinary loss for TEPCO Energy Partner, Inc. increased by 326.6 billion yen YoY to 368.9 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 10.7 billion yen YoY to 51.3 billion yen due mainly to an increase in wholesale power sales.
[FY2022 Performance Forecasts] (Unchanged from the forecast announced on January 23, 2023)
Regarding FY2022 performance forecasts, operating revenue is expected to increase by 2,621 billion yen YoY to approximately 7,931 billion yen due mainly to a rise in fuel adjustment costs resulting from a surge in fuel prices.
Ordinary income/loss is expected to decrease by 547 billion yen YoY to a loss of approximately 502 billion yen and net income/loss attributable to owners of parent is expected to decrease by 323 billion yen YoY to a loss of approximately 317 billion yen, due mainly to a sharp increase in electricity procurement expenses resulting from a surge in fuel/wholesale electricity market prices.
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