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Kansai Electric expects first net profit in five years

Staff writer |
Kansai Electric Power Co. said it expects to swing to a group net profit for the first time in five years in the fiscal year through March.

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Those expectations are based on the restart of a reactor at its Takahama nuclear plant in central Japan. Kansai Electric President Makoto Yagi said the company aims to reduce electricity fees early in the year beginning in April.

Kansai Electric Power expects to post a net profit of ¥150 billion for the current year, compared with a loss of ¥148.3 billion in the previous year.

In addition to the No. 3 reactor, which was reactivated Friday afternoon, Kansai Electric plans to restart the No. 4 reactor at the plant in Fukui Prefecture in late February.

The restart of the two reactors is seen as improving Kansai Electric’s earnings by ¥5 billion per reactor each month. The company is also benefiting from falling fuel prices.

Kansai Electric’s dependency on nuclear power was the highest of Japanese power companies with nuclear plants before the March 2011 triple meltdown at Tokyo Electric Power Co.’s Fukushima No. 1 nuclear plant.

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