Japan's JERA raises FY22/23 earnings estimate on lower LNG procurement cost

TOKYO : JERA, Japan's biggest power generator, said on Monday it now sees a net profit of 100 billion yen for the year to March 31, against its previous forecast of a net loss of 200 billion yen, due to lower-than-expected fuel procurement cost.

Higher-than-expected profit from its trading unit, JERAGM, and stronger contribution from reselling some of the super-chilled fuel by JERA, one of the world's biggest LNG buyers, when its demand was lower, also boosted its earnings, Yoshida said. The LNG company's plant shut after a pipeline explosion on June 8, 2022 and the restart has been delayed.

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