TEPCO blow for APR Energy
The Tokyo Electric Power Company (TEPCO), the Japanese company that suffered colossal damages at its Fukushima Daiichi nuclear power plant after a tsunami hit it in 2011, has terminated part of its contract with APR Energy, the temporary power solutions provider.
The Tokyo Electric Power Company (TEPCO), the Japanese company that suffered colossal damages at its Fukushima Daiichi nuclear power plant after a tsunami hit it in 2011, has terminated part of its contract with APR Energy, the temporary power solutions provider.
Due to a change in its strategy, TEPCO will end its existing agreement with APR on March 31st, 2012, four months earlier than the originally scheduled date.
The partial contract termination applies only to the APR installation at the Hitachinaka power station, which comprises 83 megawatts (MW) of diesel generators and 50MW of gas turbines. It does not affect the 70MW of APR gas turbines that remain in operation at the Yokosuka site, the firm said.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
The UK company was keen to emphasise that any impact on APR Energy's revenues this year would be marginal.
APR Energy is confident it will deliver financial performance for the 2012 financial year in line with its previous expectations.
The share price fell 3.71% to 1,038p by 13:23.
NR
Sign up to Money Morning
Our team, led by award winning editors, is dedicated to delivering you the top news, analysis, and guides to help you manage your money, grow your investments and build wealth.
-
Four AI ETFs to buy
Is now a good time to buy AI ETFs? We examine four AI ETFs that investors might want to add to their portfolio
By Dan McEvoy Published
-
Chase boosts easy-access interest rate - savers could earn 4.75%
Chase is offering a boosted interest rate which is fixed for six months, on top of the standard variable rate
By Jessica Sheldon Published