Tokyo Electric Power Company (9501) Q1 2025 earnings summary

Executive summary

• Operating revenue for Q1 FY2024 declined 7.6% year-over-year to ¥1,492.5 billion, mainly due to lower fuel cost adjustments from falling fuel and market prices.

• Ordinary income dropped 56% to ¥102.2 billion, and net income attributable to owners fell 42% to ¥79.2 billion, primarily due to a negative turn in the fuel cost adjustment time-lag.

• Total electricity sales volume increased 2.7% year-over-year, with wholesale sales up 33% but retail sales down 2.5%.

• No consolidated performance forecast was provided for FY2024.

Financial highlights

• Operating income: ¥62.8B (down 58% year-over-year).

• Ordinary income: ¥102.2B (down ¥130.9B year-over-year).

• Net income attributable to owners: ¥79.2B (down ¥57.0B year-over-year).

• EPS: ¥49.46 (down from ¥85.06 year-over-year).

• Extraordinary loss improved to ¥18.0B from ¥50.3B last year, mainly due to changes in nuclear damage compensation estimates related to ALPS treated water discharge.

Segment performance

• TEPCO Holdings: Ordinary income rose ¥9.1B to ¥151.6B, driven by increased wholesale power sales.

• TEPCO Fuel & Power: Ordinary income fell ¥44.8B to ¥38.7B, mainly due to a negative time-lag impact at JERA.

• TEPCO Power Grid: Ordinary income dropped ¥37.1B to ¥11.7B, affected by higher supply/demand adjustment costs.

• TEPCO Energy Partner: Ordinary income decreased ¥61.4B to ¥21.4B, mainly from a negative time-lag impact.

• TEPCO Renewable Power: Ordinary income declined ¥2.0B to ¥20.1B, as repair costs offset gains in wholesale sales.