FY2020 Third Quarter Financial Results
February 10, 2021
Tokyo Electric Power Company Holdings, Inc.
Today, Tokyo Electric Power Company Holdings, Inc. (TEPCO HD) released its consolidated financial results for the third quarter of FY2020 (April 1 through December 31, 2020).
Despite the entire Group’s continual efforts to cut costs, consolidated ordinary income decreased year-on-year (YoY) by 24.0% to 235.5 billion yen due to an 8.8% decrease in electricity sales volume to 150.2 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 70.0% to 130.4 billion yen due to the appropriation of 95.4 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 third quater for each company is as follows:
- Ordinary income for TEPCO HD decreased by 114.1 billion yen YoY to 7.0 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. increased by 21.0 billion yen YoY to 83.4 billion yen due to improvement of the supply and demand balance and 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 8.2 billion yen YoY to 183.6 billion yen due to a decrease in depreciation expenses, etc. despite the decrease in area demand caused by the spread of the COVID-19 pandemic.
- Ordinary income for TEPCO Energy Partner, Inc. decreased by 46.6 billion yen YoY to 7.9 billion yen due to a decrease in electricity sales volume caused by increased competition and the spread of the COVID-19 pandemic.
- Ordinary income for TEPCO Renewable Power Inc. increased by 16.9 billion yen YoY to 44.1 billion yen due to an increase in wholesale power sales to TEPCO Energy Partner, Inc.