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.

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.

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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