Local News

In its interim consolidated financial statement for the period ended September 30, Kyushu Electric Power announced a net loss of ¥35.7 billion. It was the third straight year of red ink, but rate hikes and salary cuts helped shrink the losses from last year’s record of ¥149.5 billion. That being said, the deficit was still the largest among the 10 regional utilities. At ¥868.2 billion, sales were up for the fourth year in a row, a 13.8% increase year-on-year, but with all six of its nuclear reactors still shuttered, Kyuden remained mired in debt, racking up ordinary losses of ¥75.6 billion. At the press conference, President Michiaki Uryu said, “We will continue streamlining management, but there are limits to the effect they will have. I believe it will be extremely difficult for us to post a profit for the fiscal year.” When asked about possible further rate hikes, President Uryu replied, “We will need to comprehensively examine our balance of payments, the fiscal situation and the fundraising environment, so I cannot answer at this time.” Source: Nishinippon Shimbun 11/1