Press Release
FY2023 Second Quarter Financial Results
October 31, 2023
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 FY2023 (April 1, 2023~September 30, 2023).
Operating revenue decreased by 174.1 billion yen year-on-year (YoY) to 3,513.7 billion yen due to a decrease in TEPCO Power Grid Inc.’s revenue related to supply-demand adjustments caused by decreased fuel/market prices.
Ordinary income increased by 761.3 billion yen to a profit of 479.6 billion yen due to the advantageous impact of the time-lag inherent to the fuel cost, etc. adjustment system.
Furthermore, since 66.0 billion yen of nuclear damage compensation was appropriated as extraordinary loss, quarterly net income attributable to owners of the parent increased to a profit of 350.8 billion yen.
※1 The amount of impact felt due to changes to accounting processing for adjustment transactions has also been reflected in FY2022Q2 figures.
※2 The amount of impact felt in conjunction with the application of IFRS by an equity method affiliate (JERA) has also been reflected in FY2022Q2 figures.
[Ordinary income/loss of each company]
The ordinary income/loss of each company during FY2023Q2 was as follows:
- Ordinary income for TEPCO HD increased by 28.7 billion yen YoY to a profit of 115.5 billion yen due to an increase in received dividends from core operating companies.
- Ordinary income for TEPCO Fuel & Power, Inc. increased by 264.3 billion yen YoY to a profit of 134.2 billion yen due to the advantageous impact for JERA from the time-lag inherent to the fuel cost adjustment system.
- Ordinary income for TEPCO Power Grid Inc. increased by 82.7 billion yen YoY to 144.9 billion yen due to a decrease in electricity procurement costs.
- Ordinary income for TEPCO Energy Partner, Inc. increased by 420.4 billion yen YoY to a profit of 193.1 billion yen due to the advantageous impact of the time-lag inherent to the fuel cost, etc. adjustment system.
- Ordinary income for TEPCO Renewable Power Inc. decreased by 4.0 billion yen YoY to 39.4 billion yen due to an increase in maintenance costs and fixed asset retirement costs.
※The amount of impact felt in conjunction with the application of IFRS by an equity method affiliate (JERA) has also been reflected in FY2022Q2 figures.
[FY2023 Performance Forecast]
Our FY2023 performance forecast has not yet been finalized because we are unable to determine when the Kashiwazaki-Kariwa Nuclear Power Station will recommence commercial operation. We shall make an announcement when the performance forecast is ready for release.
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