9 of 10 Major Japan Power Firms Log Net Profit Drops in April-Sept.

Tokyo, Nov. 1 (Jiji Press)--Nine of Japan's 10 major power suppliers saw their net profit fall in the first half of fiscal 2024 through next March, due to the delayed impact of falling fuel costs on electricity rates, according to their latest earnings reports.

The nine are Hokkaido Electric Power Co., Tohoku Electric Power Co., Tokyo Electric Power Company Holdings Inc., Chubu Electric Power Co., Hokuriku Electric Power Co., Kansai Electric Power Co., Chugoku Electric Power Co., Shikoku Electric Power Co., and Kyushu Electric Power Co.

In particular, group net profit tumbled 58.0 pct year on year at Chugoku Electric, 52.8 pct at Chubu Electric and 50.4 pct at Kyushu Electric. TEPCO and Kansai Electric also suffered substantial drops, by 46.0 pct and 38.3 pct, respectively.

Okinawa Electric Power Co., on the other hand, enjoyed a 65.4 pct net profit jump reflecting lower procurement costs for coal and liquefied natural gas and stronger cooling demand during summer.

Meanwhile, Hokuriku Electric, Kansai Electric, Shikoku Electric, and Kyushu Electric each posted record April-September sales, thanks chiefly to a rise in the amount of electricity sold to other power firms.

[Copyright The Jiji Press, Ltd.]