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Comparison with Major International Electric Utilities
In order to objectively examine the operational effectiveness of TPC, we compare its performance with 7 well-known major power companies.
This table is based on a comparison of 7 companies larger scales and complete information. A number of criteria were selected for comparison and for use as references in the improvement of TPC’s performance. These included line loss rate, system average interruption duration index, power sales per employee, thermal efficiency.
| Company | Installed Capacity (MW) |
Power Generation (GWh) |
Thermal Efficiency (%) |
Line Loss Rate (%) |
System Average Interruption Duration Index (min/ household ‧ year) |
Power Sales per Employee (10 MWh) |
ROA (%) |
Credit Rating |
|---|---|---|---|---|---|---|---|---|
| 1.KEPCO | 83,235 | 391,570 | 40.31 | 3.53 | 9.14 | 1,156 | -3.20 | Aa2 (Moody’s) |
| 2.KANSAI | 27,849 | 94,900 | 49.40 | 6.13 | 9.00 | 373 | 7.20 | A3 (Moody’s) |
| 3.TEPCO | 18,310 | 11,225 | 48.70 (According to JERA data) |
4.70 | 5.00 | 600 | 2.15 | Ba1 (Moody’s) |
| 4.CHUBU | 9,190 | 9,161 | 48.70 (According to JERA data) |
4.70 | 11.70 | 366 | 7.46 | A3 (Moody’s) |
| 5.Southern Company |
44,124 | 184,000 | (Unpublished) | (Unpublished) | 114.40 | 696 | 3.16 | Baa2 (Moody’s) |
| 6.ENEL | 81,400 | 207,330 | 42.00 | 4.70 | 46.00 | 493 | 3.60 | Baa1 (Moody’s) |
| 7.EDF | 117,300 | 467,600 | (Unpublished) | (Unpublished) | (Unpublished) | 125 | 2.60 | Baa1 (Moody’s) |
| 8.TPC | 32,564 | 174,454 | 46.63 | 3.20 | 15.23 | 956 | -8.08 | AA+ (S&P) |
Notes：
- This table is based on a comparison of 7 companies larger scales and complete information.
- The power generation capacity of TEPCO and Chubu Electric Power Company is low because the thermal power generation assets of the two companies have been integrated into JERA in 2019 (thermal power installation capacity in 2023: 59GW). The thermal efficiency in Japan is based on JERA data (JERA power carbon emission coefficient is 0.51 kg/kWh).
- System Average Interruption Duration Index: The United States and South Korea use " System Average Interruption Duration for more than 5 minutes" as the benchmark, European countries mostly use " System Average Interruption Duration for more than 3 minutes" as the benchmark, Taiwan uses " System Average Interruption Duration for more than 1 minute" as the benchmark, and the benchmarks of various power companies in Japan are not specified.
- Power Sales per Employee is calculated using "Power Sales/total number of employees". There are two ways to calculate the total number of employees. One is the sum of the number of employees of the parent company + 100%-owned subsidiaries, such as KEPCO, TEPCO, Southern Company and Enel. The other is the total number of people in the group (the individuals are not disclosed). Number of employees of subsidiaries, such as Japan's Kansai Electric Power, Chubu Electric Power Company and EDF. It was found that KEPCO's higher Power Sales per employee was because it only calculated the total number of employees in the disclosed group (including the parent company and 6 power generation subsidiaries), and did not include the number of people in other related companies such as factory construction, equipment maintenance, customer service, etc.
- ROA = Pre-tax profit /Average total assets.
- Moody’s and S&P are both internationally renowned credit rating companies. Moody’s rating order from high to low is Aaa, Aa, A, Baa, Ba, B..., etc., The S&P rating order from high to low is AAA, AA+, AA, AA-, A+, A, A-, etc.; an S&P rating of AA is equivalent to a Moody’s rating of Aa.
Results and Review
In the comparison with international utilities shown in the table above, Taipower's "line loss rate", " thermal efficiency ", and "power sales per employee" are among the top half of indicators. The " System Average Interruption Duration Index " is lower than that of European and American utilities. As for the negative return on assets, this is due to the sharp increase in international fuel costs and the inability of electricity prices to reflect these costs, in order to stabilize domestic prices. Taipower has been continuously committed to various financial stability measures to support its massive power generation and grid construction, ensuring stable power supply.