Japan Utilities Rise on Kyushu Units Restart Report: Tokyo Mover

Jul 03, 2014 2:18 am ET

July 3 (Bloomberg) -- Kyushu Electric Power Co. surged to its highest level in more than three months, leading gains among Japanese utilities, after the Sankei newspaper reported the restart of two of its reactors was nearing approval.

Japan’s Nuclear Regulation Authority could give de facto approval for the restart of Kyushu Electric’s Nos. 1 and 2 reactors at its Sendai plant in southern Japan as soon as July 9, the Sankei reported without attribution.

The NRA could submit its draft safety inspection report by that date and will compile its final report after seeking public comment, the Sankei said. The reactors may not restart until October, due to the time needed to secure approvals from local officials.

Kysushu Electric spokeswoman Yuka Otsubo said the company wasn’t the source of the report. “There’s no change in the company’s stance of aiming for restart as soon as possible,” she said. An NRA official authorized to comment wasn’t immediately available by phone.

Kyushu Electric shares rose 7.3 percent to 1,243 yen at the 3 p.m. close of trading in Tokyo, their highest since March 31. The shares were the biggest gainer on the Topix Electric Power & Gas Index, which rose 2.1 percent.

Hokkaido Electric Power Co. rose 6.6 percent to 837 yen, while Kansai Electric Power Co. gained 5.5 percent to reach 1,006 yen.