FY2021 First Quarter Financial Results
July 29, 2021
Tokyo Electric Power Company Holdings, Inc.
Today, Tokyo Electric Power Company Holdings, Inc. (TEPCO HD) released its consolidated financial results for the first quarter of FY2021 (April 1~June 30, 2021).
Despite the entire Group’s continual efforts to cut costs, consolidated ordinary income decreased year-on-year (YoY) by 73.0% to 18.4 billion yen due to worsening of the impact for JERA from the time lag inherent to the fuel adjustment system and a decrease in retail power sales volume.
Furthermore, quarterly net income attributable to owners of the parent was a loss of 3.0 billion yen due to the appropriation of 20.6 billion yen of nuclear damage compensation as extraordinary loss.
[Ordinary income/loss for TEPCO HD and core companies]
Ordinary income/loss for FY2021Q1 for each company is as follows:
- Ordinary income for TEPCO HD increased by 47.1 billion yen YoY to 126.7 billion yen due to an increase in received dividends from core companies.
- Ordinary income for TEPCO Fuel & Power, Inc. increased by 20.8 billion yen YoY to 30.1 billion yen due to improvement of the income/expenditure for the generation business and an increase in the profits of subsidiaries and affiliates despite worsening of the impact for JERA of the time-lag inherent to the fuel cost adjustment system.
- Ordinary income for TEPCO Power Grid Inc. decreased by 6.0 billion yen YoY to 34.6 billion yen due to a decrease in consigned transmission revenue and an increase in facility-related expenses.
- Ordinary income for TEPCO Energy Partner, Inc. decreased by 48.7 billion yen YoY and resulted in a deficit of 37.4 billion yen due to a decrease in retail power sales volume caused by increased competition and the impact of daily temperatures.
- Ordinary income for TEPCO Renewable Power Inc. decreased by 1.6 billion yen YoY to 16.1 billion yen due to an increase in fixed asset taxes.
[FY2021 Performance Forecast] (No change from forecast announced on July 21, 2021)
According to our FY2021 Performance Forecast, operating revenue is expected to decrease by 1.383 trillion yen to approximately 4.484 trillion yen due to the new accounting standards going into effect and a decrease in power sales volume. Ordinary income/loss is forecasted to decrease by 116 billion yen to approximately 74 billion yen as a result of a decrease in power sales volume and the disadvantageous impact from the time-lag inherent to the fuel cost adjustment system. And, net income attributable to owners of parent is forecasted to be approximately 67 billion yen.