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[cdn-nucl-l] Tepco: Hopes To Restart 10 Reactors By Summer
Posted in Yahoo Finance on March 27, 2003 and at:
Tepco: Hopes To Restart 10 Reactors By Summer
TOKYO (Dow Jones)--Tokyo Electric Power Co. (J.TER or 9501) said Thursday it
will buy more oil and liquefied natural gas in April for oil-fired power
generation as all of its 17 nuclear power reactors are slated to be shut
down from April 15.
Japan's largest power supplier, known as Tepco, plans to buy about 1 million
kiloliters, or 6.29 million barrels, of oil and about 1.5 million metric
tons of LNG next month, a company spokesman said.
For the current fiscal year ending March 31, the company plans to purchase a
total of about 6 million kiloliters of oil - crude and heavy fuel - and
about 17 million metric tons of LNG.
Tepco has turned to oil-fired power generation after the government demanded
it shut its nuclear reactors following a scandal involving doctored nuclear
Tepco -3: Hopes To Restart 10 Reactors By Summer
Currently, only three nuclear reactors are operating but Tepco will shut
these reactors by the middle of next month.
The company said demand would far exceed capacity if it couldn't restart the
reactors in the high-use period over summer, even factoring in supply from
its hydroelectric and thermal power plants and purchasing power from other
To avoid such a situation, Tepco said it would like to "restart 10 reactors"
by summer, but it remains unclear if Tepco can secure the agreement of local
residents for the resumption of operations.
"It's all a blank at the moment," the spokesman said.
On Thursday, Tepco unveiled its business plan for the fiscal year starting
April and its management goals over the next three years through March,
The company plans to sell a total of 279.7 billion kilowatt-hours of
electricity next fiscal year, up 0.1% from the expected total this fiscal
Tepco plans parent-based capital spending of Y672 billion in the coming
year, down from the expected Y663.8 billion this year.
Over the next three years, Tepco seeks to achieve an annual parent pretax
profit of over Y300 billion on average. It forecasts a parent pretax profit
of Y220 billion this fiscal year and posted a profit of Y319.5 billion last
Tepco also said it will continue to cut its interest-bearing debt. It aims
to trim its parent-based debt by an average of over Y400 billion per year
over the next three years.
As of the end of March 2002, Tepco's parent-based debt totaled Y9.43
-By Kanji Ishibashi, Dow Jones Newswires; 813-5255-2929;
-Edited by Alastair Gale and Bennett Richardson