Japan Utilities Get Government Bank’s Help to Offset Fuel Costs
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Kyushu Electric Power Co. and Hokkaido Electric Power Co. will receive a combined 150 billion yen ($1.46 billion) from a state-backed bank, as they join other utilities in announcing losses due to higher fuel costs after the idling of Japan’s nuclear plants.
Kyushu Electric will take a preferred stock investment of 100 billion yen from the Development Bank of Japan Inc., according to a statement. The utility, which serves 8.5 million customers on the southernmost of Japan’s four main islands, announced an annual net loss of 96.1 billion yen today.