TOKYO May 14 Tokyo Electric Power Co
posted an annual loss of almost $10 billion as compensation
claims for the Fukushima nuclear disaster brought it to the
brink of bankruptcy and fuel costs soared after idling all its
Japan's biggest utility said on Monday that its net loss
for the year to March 31 was 781.6 billion yen ($9.8 billion),
above the consensus estimate of a 692.6 billion yen loss in a
survey of three analysts by Thomson Reuters I/B/E/S.
That brings the company's losses from the disaster to more
than 2 trillion yen after the utility known as Tepco reported a
loss of 1.25 trillion in the year-earlier period.
Tepco, whose Fukushima Daiichi nuclear plant leaked
radiation after it was crippled by a huge earthquake and tsunami
in March last year, is set to be taken over by the government in
exchange for a 1 trillion yen capital injection.
The public fund injection will bring total government
support for the company to at least 3.5 trillion yen since the
radiation crisis began.
Tepco, which provides power to almost 45 million people in
and around Tokyo, forecast a net loss of 100 billion yen for the
year through March 2013, below the average estimate of a loss of
227.7 billion yen in a poll of three analysts.
The utility said in a business turnaround plan that it plans
to make itself profitable again in the year to March 2014.
The Fukushima crisis has led to the closure of all of the
country's nuclear stations as reactors idled for scheduled
maintenance have stayed shut because of safety concerns.
That forced Tepco and other utilities to generate
electricity using thermal fuel, sending their costs rising.
Tepco said its annual operating loss was at 272.5 billion
yen, more than the mean estimate of a 241.7 billion yen loss by
($1 = 79.8800 Japanese yen)
(Reporting by Yoko Kubota; Editing by Aaron Sheldrick and Ryan