OREANDA-NEWS. JPOWER reported its results for the second quarter and six months ended September 30, 2014, of the current fiscal year ending March 31, 2015 (fiscal 2015).

In the wholesale electric power business, electricity sales volume from hydroelectric power plants for the six months ended September 30, 2014 showed 5.0% increase in 5.0 TWh although the water supply rate decreased from 91% in the same period of the previous fiscal year to 89%. This was mainly due to the use of dam reservoir water for power generation. In thermal power, a decrease in the load factor of thermal power plants from 79% to 72% resulted in 9.7% decrease in electricity sales volume from the same period of the previous fiscal year to 24.5 TWh.

As a result, electricity sales volume from both hydroelectric and thermal power plants in the wholesale electric power business decreased 7.5% from the same period of the previous fiscal year to 29.6TWh. Electricity sales volume in the other electric power businesses increased 16.0% from the same period of the previous fiscal year to 1.0TWh, due mainly to the inclusion of Mihama Seaside Power, which became a consolidated subsidiary in September 2013. As a result, electricity sales volume in the electric power business as a whole declined 6.8% from the same period of the previous fiscal year to 30.6TWh.

Also, electricity sales volume in the overseas business increased 141.4% from the same period of the previous fiscal year to 2.9TWh. This was due to the commencement of commercial operation of Nong Saeng power project unit No.1 Power Plant (NS1) in June this year and the operation of 7 Small Power Producers (SPP), which sequentially commenced commercial operation last year, throughout the term in Thailand.

Although the load factor of the thermal power plants in the wholesale electric power business decreased from the same period of the previous fiscal year and the fuel prices declined and the operation of the No.2 unit of the Matsuura Thermal Power Plant was suspended due to the low pressure turbine accident, sales (operating revenue) increased 0.5% from the same period of the previous fiscal year to 348.6 billion yen. This was mainly due to the commencement of the operation at the NS1 and the operation of the 7 SPPs throughout the term. Furthermore, total ordinary revenue including non-operating income for the six months increased 0.5% from the same period of the previous fiscal year to 359.3 billion yen.

Although fuel costs in the wholesale electric power business decreased due to lower fuel prices and load factors of thermal power plants, operating expenses increased 0.4% from the same period of the previous fiscal year to 312.7 billion yen. This was mainly due to the increase of fuel costs at NS1 and 7SPPs. In addition, total ordinary expenses including non-operating expenses for the six months decreased 1.3% from the same period of the previous fiscal year to 326.9 billion yen.

As a result, ordinary income increased 22.5% fromthe same period of the previous fiscal year to 32.4 billion yen and net income after corporate tax increased27.3% from the same period of the previous fiscal year to 23.9 billion yen.