TEPCO Holdings posts net profit for fiscal 2023, up from fiscal 2022 loss

Tokyo Electric Power Company Holdings posted a net profit of about 1.69 billion dollars for the business year that ended in March, up from a loss the previous year.

TEPCO Holdings released its financial results for fiscal 2023 on Tuesday.

The company's group sales fell 14 percent from fiscal 2022 to 43.78 billion dollars. But the firm posted a net profit of 1.69 billion dollars, up from its previous year's loss of 783 million dollars.

The firm's first surplus in two years is attributed in part to a decline in procurement costs for liquefied natural gas and coal used in thermal power generation.

TEPCO posted 957 million dollars of expenses for compensation related to the damaged Fukushima Daiichi nuclear power plant.

This includes costs for the discharge into the ocean of treated and diluted water from the Fukushima Daiichi plant that began in August last year.

The company said it was unable to forecast earnings for fiscal 2024 because it cannot predict when the Kashiwazaki-Kariwa nuclear power plant in Niigata Prefecture will resume commercial operation.

TEPCO President Kobayakawa Tomoaki told reporters that business has not improved dramatically for the firm.

He said TEPCO will focus on restarting the Kashiwazaki-Kariwa nuclear power plant and will strive to achieve a stable electricity supply and carbon neutrality, as well as boosting corporate value.

All 10 leading electric power companies in Japan posted net profits for fiscal 2023.