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information about Fukushima published in English in Japanese media info publiée en anglais dans la presse japonaise

TEPCO's profits down in last half-year


November 1, 2016

TEPCO net profit plunges 66.3% in April-Sept.



TOKYO (Kyodo) -- Tokyo Electric Power Company Holdings Inc. said Monday its consolidated net profit for the half year through September plunged 66.3 percent from a year earlier, as it received no money from the government to pay damages caused by a 2011 nuclear plant disaster.

The operator of the disaster-struck Fukushima Daiichi nuclear power plant posted a group net profit of 94.17 billion yen ($897 million), down from 279.48 billion yen a year earlier.

Revenue declined 15.5 percent to 2.64 trillion yen reflecting a drop in electricity rates necessitated by lower fuel procurement costs.

The utility, known commonly by the acronym TEPCO, again provided no full-year guidance as its business outlook heavily depends on if and when regulators approve its plan to restart the Kashiwazaki-Kariwa nuclear plant in Niigata Prefecture.

TEPCO booked an extraordinary charge of 168.54 billion, down from 465.26 billion yen a year earlier, related to compensation for damages caused by the 2011 nuclear plant disaster.

But unlike in the same period last year, TEPCO did not receive any subsidies from the state-backed Nuclear Damage Compensation and Decommissioning Facilitation Corp. TEPCO logged extraordinary income of 36.46 billion yen, but none of that came from the NDCDFC which a year earlier provided 426.76 billion yen in compensation payment subsidies.

The utility still faces massive costs for compensation, decommissioning damaged reactors and decontaminating areas affected by the world's worst nuclear catastrophe since the 1986 Chernobyl disaster.

Company President Naomi Hirose told a news conference on Monday that TEPCO does not intend to put additional burden on the public in terms of taxpayer money, despite the Ministry of Economy, Trade and Industry last week saying it now projects the cost of scrapping the damaged Fukushima Daiichi nuclear power plant to rise to hundreds of billions of yen annually from an initially projected 80 billion yen per year.



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