FY2022 First Quarter Financial Results
August 2, 2022
Tokyo Electric Power Company Holdings, Inc.
Today, Tokyo Electric Power Company Holdings, Inc. (TEPCO HD) released its consolidated financial results for the first quarter of FY2022 (April 1-June 30, 2022).
Despite the Group-wide continual efforts to improve income and expenditure, consolidated ordinary income decreased year-on-year (YoY) by 67.4 billion yen to a loss of 48.9 billion yen due to the worsening impact of the time lag inherent to the fuel adjustment system at JERA and a rise in electricity procurement cost resulting from surging fuel prices, etc.
Furthermore, quarterly net income attributable to owners of the parent was a loss of 67.0 billion yen due to the appropriation of 25.2 billion yen of nuclear damage compensation as extraordinary loss.
[Ordinary income/loss for core companies]
Ordinary income for FY2022Q1 for each core company is as follows:
- Ordinary income for TEPCO HD decreased by 16.7 billion yen YoY to 109.9 billion yen due mainly to a decrease in dividends received from core companies.
- Ordinary income for TEPCO Fuel & Power, Inc. decreased by 39.8 billion yen YoY to a loss of 9.6 billion yen due mainly to the worsening impact of the time-lag inherent to the fuel cost adjustment system at JERA.
- Ordinary income for TEPCO Power Grid, Inc. increased by 1.4 billion yen YoY to 36.1 billion yen due mainly to a decrease in depreciation expenses despite a sharp increase in power procurement cost resulting from surging fuel pricers.
- Ordinary income for TEPCO Energy Partner, Inc. decreased by 53.3 billion yen YoY to a loss of 90.8 billion yen due mainly to an increase in power procurement cost resulting from surging fuel prices.
- Ordinary income for TEPCO Renewable Power, Inc. increased by 5.5 billion yen YoY to 21.6 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 raedy for release.