TOKYO : Japanese utilities Kansai Electric Power Co and Chubu Electric Power Co posted record first-quarter net profits on Friday as lower fuel prices helped them recover from last year's energy crisis hit.
Kansai Electric booked a record first-quarter net profit of 193.2 billion yen , recovering from a loss of 11.4 billion yen a year earlier, thanks to falling prices of fuels such as liquefied natural gas and coal. Kansai Electric has also benefited from a higher utilisation ratio at its nuclear plants - now at 78.3 per cent versus 29.1 per cent a year earlier - as Japan is gradually returning nuclear power to its energy mix both for energy security and to lower emissions.
On Friday, Kansai Electric restarted the 49-year-old No.1 reactor at its Takahama nuclear power station in western Japan for the first time since early 2011, and the firm now has six reactors operating.Chubu Electric, a shareholder in Japan's top utility JERA, posted 202 billion yen net profit in its first quarter, up from 20.5 billion yen a year ago, and raised its full-year net profit guideline by 13 per cent to 260 billion yen on cheaper prices of fuels.
Kansai Electric kept its annual net profit forecast of a record 305 billion yen, citing uncertainty over prices of fuels going forward.
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