FY2020 Second Quarter Financial Results
October 28, 2020
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 FY2020 (April 1 through September 30).
Despite the entire Group's continual efforts to cut costs, consolidated ordinary income decreased year-on-year (YoY) by 10.1% to 224.8 billion yen due to a 8.3% decrease in electricity sales volume to 102.5 billion kWh for the TEPCO Group as a result of increased competition and the impact of the COVID-19 pandemic.
Furthermore, quarterly net income attributable to owners of the parent decreased YoY by 64.7% to 148.6 billion yen due to the appropriation of 67.7 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 second quarter for each company is as follows:
- Ordinary income for TEPCO HD decreased by 80.9billion yen YoY to 63.3 billion yen due to a decrease in received dividends from core companies and a decrease in wholesale power sales to TEPCO Energy Partner, Inc.
- Ordinary income for TEPCO Fuel & Power, Inc. decreased by 13.1 billion yen YoY to 45.3 billion yen due to worsening of the supply and demand balance despite the favorable impact of the time-lag inherent to the fuel cost adjustment system for JERA.
- Ordinary income for TEPCO Power Grid Inc. increased by 3.9 billion yen YoY to 123.8 billion as a result of an increase in consigned transmission revenue caused by an increase in low-voltage demand despite the decrease in area demand caused by the COVID-19 pandemic.
- Ordinary income for TEPCO Energy Partner, Inc. increased by 2.4 billion yen YoY to 45.9 billion yen due to a decrease in the amount of power purchased from TEPCO HD despite the decrease in sales caused by increased competition and the COVID-19 pandemic.
- Ordinary income for TEPCO Renewable Power Inc. increased by 18.5 billion yen YoY to 36.7 billion yen due to an increase in wholesale power sales to TEPCO Energy Partner, Inc.