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Huge losses for Japan's TEPCO as energy costs soar
Tokyo (AFP) July 28, 2008 Tokyo Electric Power Co., Japan's biggest electric utility company, said Monday it lost more than 700 million dollars in the three months to June due to soaring fuel costs at its power plants. The operator of the world's largest nuclear plant, which was shut down by an earthquake last year, warned it expects to end the year deep in the red. The company, known as TEPCO, reported a net loss of 76.24 billion yen (707 million dollars) for the fiscal first quarter, compared with a net profit of 31.07 billion yen in the same period of the previous year. The group posted an operating loss of 95.63 billion yen, after a profit of 64.62 billion yen a year earlier. Revenue rose 5.5 percent to 1.32 trillion yen. A quake in July 2007 caused a slew of problems at the group's Kashiwazaki-Kariwa nuclear plant, including a fire and a small radiation leak. The plant was shut down and the company was forced to shoulder higher prices for oil and other fossil fuels as it raised thermal power generation to make up for the shortfall. For the full fiscal year to next March, the company projected a net loss of 280 billion yen, an operating loss of 335 billion yen and revenue of 6.05 trillion yen. It refrained from giving a full-year profit forecast in April when it released its annual earnings results, saying it was hard to project costs amid uncertainty about when the damaged nuclear power plant will resume operations. Related Links
China tightens control on runaway coal prices: govt
Beijing (AFP) July 25, 2008Beijing has issued its second order in five weeks to rein in the rising cost of coal used for power generation, after prices increased following the first directive. |
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