OREANDA-NEWS. Electric Power Development Co., Ltd. (J-POWER) Announces Quarterly Financial Results (Unaudited) (for the Nine Months Ended December 31, 2013).

In the wholesale electric power business, sales volumes from hydroelectric power plants for the nine months ended December 31, 2013 showed2.3% year-on-year decrease to 6.8 TWh. This was mainly due to a decrease in the water supply rate from 100% in the same period of the previous fiscal year to 97%. In thermal power sales, a decrease in the load factor of thermal power plants from 80% to 79% resulted in1.3% decrease in electricity sales volume from the same period of the previous fiscal year to 40.9 TWh.As a result, total electricity sales volume from both hydroelectric and thermal power plants decreased 1.5% from the same period of the previous fiscal year to 47.7 TWh. Electricity sales volume in the other electric power businesses was 1.5 TWh, an increase of 5.6% from the same period of the previous fiscal year, due mainly to the inclusion from September 2013 of Mihama Seaside Power Co., Ltd. as a consolidated subsidiary. As a result, electricity sales volume in the electric power business as a whole decreased 1.3% from the same period of the previous fiscal year to 49.3 TWh.

Also, electricity sales volume in the overseas business was 2.3 TWh, due to the commencement of commercial operation of Small Power Producers (SPP) projects in Thailand in January of last year.

Although a decrease in the water supply rate in the hydroelectric power business and a decrease in the thermal power plant load factor in the thermal power business resulted in a decrease in revenue, the commencement of commercial operation of SPP projects in Thailand increased revenue from the same period of the previous fiscal year. As a result, sales (operating revenue) increased 6.5% from the same period of the previous fiscal year to 519.5 billion yen. Furthermore ordinary revenue, including non-operating revenue, for the nine months also increased 7.5% from the same period of the previous fiscal year to 537.5 billion yen.

At the same time, despite a decrease in depreciation expenses in the electric power business due to progress in fixed rate depreciation , operating expenses increased 8.1% from the same period of the previous fiscal year to 468.7 billion yen, due mainly to an increase in fuel costs with the commencement of commercial operations of SPP projects in Thailand. In addition, ordinary expenses, including non-operating expenses, for the nine months increased 9.6% from the same period of the previous fiscal year to 495.5 billion yen.

As a result, ordinary income decreased 12.5% from the same period of the previous fiscal year to 41.9 billion yen and net income after income taxes decreased 7.1% from the same period of the previous fiscal year to 30.2 billion yen.