Chubu Electric Power reports Q1 decline, forecasts annual drop

Chubu Electric Power reported Q1 operating revenue of 800.3bn yen, down 2.5% year-on-year, with ordinary profit falling 16.1% to 104.8bn yen. The revenue decline was mainly due to TOENEC Corporation becoming an affiliate rather than a subsidiary.

Profit was hit by increased fixed power costs at Miraiz and decreased profits from overseas and renewable energy businesses at JERA.

For fiscal 2025, the company forecasts operating revenue of 3.55trn yen and ordinary profit of 230bn yen, both below prior year results, continuing a declining trend since 2021.