Press Release
FY2022 Financial Results
April 28, 2023
Tokyo Electric Power Company Holdings, Inc.
Today, Tokyo Electric Power Company Holdings, Inc. (TEPCO HD) released its consolidated financial results for FY2022 (April 1, 2022~March 31, 2023).
Despite the entire Group’s continual efforts to improve income and expenditure, consolidated ordinary income decreased by 327.6 billion yen year-on-year (YoY) and resulted in a loss of 285.3 billion yen due to an increase in electricity procurement costs etc. resulting from a surge in fuel/wholesale electricity market prices.
Furthermore, even though 507.4 billion yen of grants-in-aid from the Nuclear Damage Compensation and Decommissioning Facilitation Corporation, 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 were appropriated as extraordinary income, net income attributable to owners of the parent resulted in a loss of 123.6 billion yen due to the posting of 507.3 billion yen of expenses for nuclear damage compensation and 22.2 billion yen of extraordinary loss on disaster.
[Ordinary income/loss of each company]
The ordinary income/loss of each core company during FY2022 was as follows:
- Ordinary income for TEPCO HD decreased by 5.9 billion yen YoY to 67.0 billion yen due mainly to a decrease in dividends received from core companies.
- Ordinary income for TEPCO Fuel & Power, Inc. decreased by 37.2 yen billion YoY and resulted in a loss of 30.3 billion yen due mainly to a worsening of the impact on JERA from LNG spot procurement.
- Ordinary income for TEPCO Power Grid Inc. decreased by 46.3 billion yen YoY to 71.9 billion yen due mainly to a substantial increase in electricity procurement costs resulting from a surge in fuel prices.
- Ordinary income for TEPCO Energy Partner, Inc. decreased by 261.7 billion yen YoY and result in a loss of 328.2 billion yen due mainly to a substantial increase in electricity procurement costs resulting from a surge in fuel/wholesale market prices.
- Ordinary income for TEPCO Renewable Power Inc. increased by 6.0 billion yen YoY to 51.9 billion yen due mainly to an increase in wholesale power sales.
[FY2023 Performance Forecast]
Our FY2023 performance forecast has not yet been finalized because we are unable to determine when approval of revisions to the Specified Retail Supply Provisions (regulated rates) will be granted, nor what the details of such approval shall entail, nor are we able to determine when the Kashiwazaki-Kariwa Nuclear Power Station will recommence operation. We shall make an announcement when the performance forecast is ready for release.
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