Local News

Kyushu Electric Power reported that it had recorded a loss of 90.5 billion yen on its consolidated account from April to December 2011. Major contributors to the loss were the long-term shutdown of the utility’s nuclear power plant and the increased purchases of fuel for thermal plants to offset their unavailability. The loss is likely to exceed 100 billion yen for the full fiscal year ending in March, the highest ever for Kyushu Electric. It will be the first loss suffered by the company in 32 years. They have decided to cut their dividend from 60 to 50 yen per share, the first reduction in nine years, and reduce corporate officer and director remuneration by 15% to 20% starting in February.