Tohoku Electric Power Q1 net income falls 38%

Tohoku Electric Power reported consolidated ordinary income of 57.6 billion yen for the first quarter, down 32.5 billion yen year-on-year. Net income fell to 37.7 billion yen, a decrease of 22.8 billion yen.

The decline was attributed to increased supply and demand adjustment costs and market shifts, despite positive impacts from the Onagawa Unit 2 restart.

Retail electricity sales decreased by 0.8 TWh due to increased competition, while wholesale sales rose by 1.1 TWh. The company is targeting data centers and heavy power users through new "Welcome Zones" initiatives.