TEPCO (Tokyo Electric Power Company) announced a profit of ¥43.2 billion ($4.3 billion) for the 2013 fiscal year. It is the first time the company moved into the black since an earthquake and tsunami crippled the reactors, leading to a nuclear meltdown in March of 2011.
Despite a drop in electricity sales due to higher than usual winter temperatures, overall sales increased 11 percent from the previous fiscal year due to a rate increase and fuel cost adjustments. Out of ten electric companies, TEPCO was one of the four that posted a profit. The remaining six, which includes power companies in Kansai and Kyushu, recorded a deficit due to relying on fossil fuels to offset the shut down nuclear plants, according to Asahi Shimbun.
Last September, the Abe administration announced that it would give ¥47 billion of taxpayer money to prevent further contaminated water from leaking from the Fukushima No. 1 nuclear plant. That amount is far greater than the profits that TEPCO posted on April 30th, meaning that if the government had not given them any money last year, the company would have announced another year of losses.
The company has not made it clear what the profits will be used for and whether any of the money will be used to support supplement the taxpayer funds allocated to clean up the disaster or compensate those who in Fukushima whose homes fell under the evacuation zone. However, TEPCO’s stockholders, which include LDP politicians such as Masahiro Imamura and LDP Secretary General Shigeru Ishiba have a cause to celebrate. Both hold 6000 and 4813 shares in the company respectively.
As nuclear waste continues to leak into the ocean surrounding Fukushima Prefecture, pro-nuclear advocate Shigeru Ishiba who resembles the Japanese anime hero, Anpanman, seems less like a hero, and more like the arch-villain of the series, Baikinman (Germ Man.) Or maybe in the eyes of the LDP, the general public, 80% of which oppose nuclear power are just like “germs.” In any event, for the large number of ruling party members with stock shares in TEPCO, the profits are good news; the losers are everyone else.