9501.T Stock Today: January 21 TEPCO Restarts Kashiwazaki-Kariwa Unit 6
TEPCO stock rallied after Tokyo Electric Power restarted Kashiwazaki-Kariwa Unit 6 at 19:02 JST, reaching criticality at 20:28 on January 21. The company targets commercial operation on February 26. TEPCO stock (ticker 9501.T) closed at ¥720.6, up ¥26.5 or 3.82%, with volume of 91.8 million near its average. Investors see lower fuel costs and steadier baseload output supporting earnings and funding for green transformation projects, while spent-fuel disposition and regulatory oversight remain central risks to sustained output and valuation.
TEPCO Stock Jumps as Unit 6 Restarts
TEPCO stock finished at ¥720.6, up 3.82% on the day, after opening at ¥682.9 and trading between ¥679.5 and ¥729.3. Volume reached 91,837,900 versus a 91,610,686 average, showing strong interest. One-year performance stands at +60.09% but year-to-date is -4.53% after a volatile start. The 52-week range is ¥360.0 to ¥939.4, highlighting both recovery momentum and residual event risk.
RSI at 52.3 is neutral, while ADX at 25.25 indicates a firm trend. Price closed near the Bollinger upper band at ¥723.12 and the 50-day average at ¥723.10, a nearby resistance zone. Stochastic %K at 87.37 suggests short-term overbought conditions. ATR of 35.63 points to wider daily swings. Watch support near the Keltner mid at ¥683.86 and the Bollinger middle at ¥658.17.
Price-to-book is 0.37x and price-to-sales is 0.17x, implying modest expectations versus global utilities. PE is negative on trailing losses. Enterprise value to sales sits near 1.05x. Leverage is elevated with debt-to-equity at 2.16x and net debt to EBITDA near 8.94x. Liquidity is tight, with a 0.48 current ratio and 3.08x interest coverage.
Kashiwazaki-Kariwa Restart Timeline and Earnings Lift
Unit 6 restarted at 19:02 JST and achieved criticality at 20:28 on January 21, the first restart at a TEPCO nuclear plant since Fukushima. Commercial operation is targeted for February 26, subject to stable ramp-up and inspections. The restart was confirmed by local media reports source. Steady output should lower fuel costs relative to LNG and coal and improve supply stability in Kanto.
Nuclear baseload typically reduces variable fuel costs and hedges imported fuel price swings. TEPCO posted a trailing EPS of -¥462.34, so incremental nuclear output can narrow losses and support cash generation. The impact depends on capacity factor, wholesale prices, and outage rates. A smooth run-in through February would likely be viewed as margin-positive by the market.
Key dates include fiscal results on January 29, 2026 at 15:30 JST and the planned shift to commercial operation on February 26. Investors will watch load-raising milestones, regulator feedback, and any grid integration updates. Sustained availability and clarity on fuel cycle logistics could influence whether TEPCO stock holds gains into the results window.
Policy, Spent Fuel, and Operational Risks
National energy policy supports safe restarts to improve energy security and cut emissions, alongside renewables and storage. Restarts require stringent Nuclear Regulation Authority approvals and local consent. For investors, policy direction is supportive but conditioned on compliance and community trust. Any gaps in safety culture or security controls can bring new curbs that affect utilization rates and cash flow.
Spent-fuel disposition remains the central uncertainty. Onsite pool capacity and the timeline for interim or final storage solutions may constrain sustained high output. If storage fills faster than transfer options expand, reactors can face curtailments. The company needs a credible roadmap for transport, storage, and ultimate disposal to underpin medium-term valuation.
Local acceptance is critical. Clear communication on safety upgrades, emergency planning, and environmental monitoring can reduce headline risk. Continuous NRA oversight and transparent reporting should support confidence. Conversely, inspection findings or unplanned outages could delay ramp-up, cap annual generation, and pressure TEPCO stock if investors reassess achievable capacity factors.
GX Projects: Storage and the TEPCO Hydrogen Plan
TEPCO is considering battery storage facilities in Niigata to support local grids and integrate variable renewables, alongside the nuclear restart. This aligns with national goals to cut emissions and balance supply. Local media note plans under review for storage and related projects in the region source. These investments could smooth price volatility and strengthen earnings quality over time.
Management is exploring a TEPCO hydrogen plan that could use low-carbon power for hydrogen production when margins allow. Hydrogen could serve local industry and mobility, creating new demand. Nuclear-linked off-peak power can improve electrolyzer economics. Partnerships and policy incentives will be key to scale and bankability, given capex intensity and market development needs.
Improved cash flow from nuclear operations can fund GX projects, yet leverage is high and liquidity is tight. Debt-to-equity is 2.16x and the current ratio is 0.48. Capital allocation should prioritize reliability, storage, and regulatory commitments. Phased investment, asset recycling, and possible joint ventures can limit balance sheet strain while supporting long-term growth.
Final Thoughts
TEPCO stock rose on confirmation that Kashiwazaki-Kariwa Unit 6 restarted on January 21 and targets commercial operation on February 26. The near-term setup mixes improving fundamentals with measurable risks. Technicals show resistance near ¥723 and support around ¥684 and ¥658, so price discovery may stay active into results on January 29, 2026. Investors should track ramp-up progress, NRA updates, and any commentary on spent-fuel disposition, which can cap utilization if unresolved. We also watch storage and hydrogen steps that could lift earnings quality. Position sizing, attention to liquidity, and adherence to stop levels can help manage volatility as the story develops.
FAQs
Why did TEPCO stock rise today?
The stock gained after TEPCO restarted Kashiwazaki-Kariwa Unit 6 on January 21, reaching criticality the same evening. Investors expect lower fuel costs and steadier baseload output once commercial operation begins, targeted for February 26. Higher confidence in earnings and cash flow supported the move, though policy and storage risks remain.
What are the key dates for TEPCO after the restart?
Watch the fiscal results on January 29, 2026 at 15:30 JST and the planned transition to commercial operation on February 26. Interim milestones include load-raising steps, grid synchronization checks, and regulator inspections. Clear progress on these points will shape expectations for sustained output and near-term valuation.
How does the restart affect earnings potential?
Nuclear units reduce variable fuel costs versus LNG and coal and provide steady baseload. If Unit 6 achieves a high capacity factor with limited outages, margins can improve. TEPCO’s trailing EPS is negative, so incremental nuclear contribution helps narrow losses. The scale depends on market prices, downtime, and spent-fuel logistics.
What are the main risks to TEPCO stock now?
Key risks include spent-fuel disposition, which can limit sustained output if storage capacity is tight. Regulatory findings, community acceptance, or unplanned outages could also slow ramp-up. Leverage is elevated and liquidity tight, so funding large GX projects may require pacing, partnerships, or asset sales to protect the balance sheet.
What could TEPCO’s GX and hydrogen plans mean for valuation?
Battery storage can stabilize earnings by balancing supply and renewables. A TEPCO hydrogen plan could create new demand if policy support and partnerships reduce costs. Together, these can lift earnings quality and reduce volatility. Execution discipline matters, given high leverage and capital needs across safety, storage, and growth projects.
Disclaimer:
The content shared by Meyka AI PTY LTD is solely for research and informational purposes. Meyka is not a financial advisory service, and the information provided should not be considered investment or trading advice.
