FY2020 First Quarter Financial Results
July 29, 2020
Tokyo Electric Power Company Holdings, Inc.
Today, Tokyo Electric Power Company Holdings, Inc. (TEPCO HD) released its consolidated financial results for FY2020 first quarter (April 1 through June 30).
Despite the entire Group’s continual efforts to cut costs, consolidated ordinary income decreased year-on-year (YoY) by 30.5% to 68.5 billion yen due to a 9.2% decrease in electricity sales volume to 47.4 billion kWh for the TEPCO Group, which was caused by increased competition and the impact of the COVID-19 pandemic, as well as worsening of the impact on JERA of the time-lag inherent to the fuel cost adjustment system.
Furthermore, quarterly net income attributable to owners of the parent decreased YoY by 89.4% to 29.8 billion yen due to the appropriation of 36.5 billion yen of nuclear damage compensation as extraordinary loss and a reactionary fall from the extraordinary income posted last fiscal year.
[Ordinary income/loss for TEPCO HD and core companies]
Ordinary income/loss for FY2020 first quarter for each company is as follows. Furthermore, in conjunction with the creation of a separate company to handle our renewable energies business in April 2020, ordinary income/loss for TEPCO Renewable Power Inc. has been added to this list as a new core company.
- Ordinary income for TEPCO HD decreased by 68.7 billion yen YoY to 79.5 billion yen due to a decrease in wholesale power sales to TEPCO Energy Partner, Inc. and a decrease in received dividends from core companies.
- Ordinary income for TEPCO Fuel & Power, Inc. decreased by 36.5 billion yen YoY to 9.2 billion yen due to worsening of the impact of the time-lag inherent to the fuel cost adjustment system on JERA, which has succeeded our thermal power generation business.
- Ordinary income for TEPCO Power Grid Inc. decreased by 1.8 billion yen YoY to 40.7 billion yen due to a decrease in consigned transmission revenue caused by a drop in power demand by commercial facilities and offices during the state of emergency that was declared in conjunction with the COVID-19 pandemic despite decreases in depreciation costs.
- Ordinary income for TEPCO Energy Partner, Inc. increased by 23.2 billion yen YoY to 11.2 billion yen due to a decrease in the amount of power purchased from TEPCO HD despite the decrease in electricity sales volume caused by increased competition and the COVID-19 pandemic.
- Ordinary income for TEPCO Renewable Power Inc. increased by 9.6 billion yen YoY to 17.8 billion yen due to an increase in wholesale power sales to TEPCO Energy Partner, Inc.