Tokyo Electric posts huge loss in first six months

CIVIL NUCLEAR

by Staff Writers
Tokyo (AFP) Oct 31, 2008
Tokyo Electric Power Co., Asia's largest utility company, on Friday posted a major loss in the first half as it was hit by rising fuel costs and the shutdown of a plant hit by an earthquake.

The company, known as TEPCO, reported a net loss of 109.3 billion yen (1.12 billion dollars) for the first half of the year, against a profit of 21.22 billion yen in the same period last year, a statement said.

This was due to soaring price of fuel and the shutdown of the world's largest nuclear power plant of Kashiwazaki-Kariwa.

A quake in July 2007 caused a slew of problems at the plant, including a fire and a small radiation leak.

The plant was shut down and the company was forced to shoulder higher prices for oil and other fossil fuels as it raised thermal power generation to make up for the shortfall.

The company also made an operating loss of 124.53 billion yen in the first half although revenue rose 7.2 percent to 2.87 trillion yen from the previous year.

The company however said it now expects a net loss of 220 billion yen for the year, not as bad as a 280 billion yen loss earlier feared.

It expects revenue to rise 10 percent year-on-year to about 6.03 trillion yen.

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South Korean reactor stops due to mechanical problem

Seoul (AFP) Oct 26, 2008
South Korea on Sunday reported one of its 20 nuclear reactors came to a halt due to a mechanical problem.

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