Tohoku Electric expects $3.279B net loss for fiscal 2011 due to quake

Tohoku Electric expects a net loss of US$3.279 billion for the fiscal year ending March 31 due to the March earthquake.

The idling of its nuclear power plants as a result of the quake subsequently pushed up fuel costs at its thermal power plants.

The utility, which had previously not been able to issue the forecasts due to postdisaster uncertainties involving power supply and demand, also projects an operating loss of US$2.229 billion on revenues of US$21.379 billion, down 4.6 percent from a year earlier.

The ongoing crisis at the Fukushima Daiichi nuclear power plant run by Tokyo Electric Power Co. has made it difficult for Tohoku Electric to restart its idled reactors due to heightened safety concerns about nuclear power.

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