Tepco Pretax Loss Hit 130 Billion Yen on Fuel Costs, Nikkei Says

Tokyo Electric Power Co. likely suffered a parent pretax loss of 130 billion yen for the half year ended in September as it bought costly fossil fuels to replace lost nuclear capacity, the Nikkei newspaper reported without citing anybody.

Company revenue is expected to have dropped nearly 10 percent to 2.4 trillion yen ($30.8 billion) due to energy conservation by businesses and households that stunted demand, the Nikkei said.

Tepco, as the company is known, has filed an emergency business plan to receive government assistance for its compensation payouts to those affected by the disaster at its Fukushima Dai-Ichi nuclear plant, which has been leaking radiation since it was struck by the March 11 earthquake and tsunami.

Government officials could approve the plan, which is expected to involve some 900 billion yen ($11.5 billion) in aid, as early as today, the Nikkei said.

Tepco’s net worth, which was 710.2 billion yen ($9.1 billion) in June, had likely remained positive as of Sept. 30, but continuing losses from electric power operations may reduce capital, the paper said.

To contact the reporter on this story: Jacob Adelman in Tokyo at jadelman1@bloomberg.net

To contact the editor responsible for this story: Peter Langan at plangan@bloomberg.net

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