OREANDA-NEWS. Electric Power Development Co., Ltd. (J-POWER) Reports Quarterly Financial Results.

In the wholesale electric power business, electricity sales volume from hydroelectric power plants for the nine months ended December 31, 2012 showed 15.3% year-on-year decrease at 6.9 TWh. This was mainly due to a decrease in the water supply rate from 116% in the same period of the previous fiscal year to 100%. In thermal power sales, an increase in the load factor of thermal power plants from 75% to 80% resulted in 5.9% increase in electricity sales volume from the same period of the previous fiscal year to 41.5 TWh.

As for hydroelectric power business, a decrease in water supply rate resulted in a decrease in revenues from the same period of the previous fiscal year. Although the thermal power plant load factor increased, revenues from thermal power remained almost at the same level due mainly to a decrease in fuel prices. Revenues in the other electric power businesses increased due mainly to a higher load factor of IPPs and power plants for PPSs (power producers and suppliers) etc.

Sales (operating revenues) including revenues from other business increased 0.9% from the same period of the previous fiscal year to 487.7 billion yen. Furthermore, ordinary income including non-operating revenues for the nine months also increased 1.2% to 499.8 billion yen from the same period of the previous fiscal year.

At the same time, despite a decrease in depreciation expenses in the electric power business due to progress in depreciation, operating expenses increased 1.0% year on year to 433.6 billion yen due to an increase in fuel costs arising from increase in thermal power sales, and an increase in operating expenses in other businesses. In addition, ordinary expenses including non-operating expenses for the nine months increased 0.8% to 451.9 billion yen from the same period of the previous fiscal year.

As a result, ordinary income increased 5.4% from the same period of the previous fiscal year to 47.9 billion yen and net income after corporate tax increased 8.2% from the same period of the previous fiscal year to 32.6 billion yen.