OREANDA-NEWS. Electric Power Development Co., Ltd. (“J-POWER”) announced its results for the first quarter ended June 30, 2013 (April 1, 2013 to June 30, 2013).

In the wholesale electric power business, electricity sales volume from hydroelectric power plants for the three months ended June 30, 2013 showed 18.6% year-on-year decrease at 2.2 TWh. This was mainly due to a decrease in the water supply rate from 110% in the same period of the previous fiscal year to 91%. In thermal power, an increase in the load factor of thermal power plants from 60% to 64% resulted in 6.5% increase in electricity sales volume from the same period of the previous fiscal year to 11.0 TWh. As a result, total electricity sales volume from both hydroelectric and thermal power plants in the wholesale electric power business increased 1.1% from the same period of the previous fiscal year to 13.2 TWh. Electricity sales volume in the other electric power businesses decreased 1.7% from the same period of the previous fiscal year to 0.4 TWh, due to a lower load factor of IPPs and power plants for PPSs (power producers and suppliers) etc. As a result, electricity sales volume in the electric power business as a whole increased 1.1% from the same period of the previous fiscal year to 13.7 TWh.

As for hydroelectric power business, a decrease in water supply rate resulted in a decrease in revenues from the previous fiscal year. However, revenues from wholesale electric power business increaseddue to an increase of the load factor in the thermal power plants.Sales (operating revenues) including revenues from other business increased 10.0% from the same period of the previous fiscal year to 161.8 billion yen. Furthermore, total ordinary revenue including non-operating revenues for the three months also increased 11.2% to 168.0 billion yen from the same period of the previous fiscal year.

At the same time, despite a decrease in depreciation expenses due to progress in fixed rate depreciation as well as a decrease in repair expenses accompanying periodic inspections and others, operating expenses increased 5.1% compared to the same period of the previous fiscal year to 139.5 billion yen. That was mainly due to an increase in fuel costs arising from increase in thermal power sales volume. In addition, total ordinary expenses including non-operating expenses for the three months increased 5.9% to 147.2 billion yen from the same period of the previous fiscal year.

As a result, ordinary income increased 71.9% from the same period of the previous fiscal year to 20.8 billion yen and net income after corporate tax increased 104.8% from the same period of the previous fiscal year to 16.3 billion yen.