Tokyo Electric Power Company Holdings, Incorporated · TSE:9501

Tokyo Electric Power — Q1 FY2024 Earnings Presentation

44 slides from Tokyo Electric Power's earnings presentation, Jul 31, 2024

  1. Slide 1: FY2024 1st Quarter Financial Results (April 1 – June 30, 2024)

    FY2024 1st Quarter Financial Results (April 1 – June 30, 2024) Tokyo Electric Power Company Holdings, Inc. ©Tokyo Electric Power Company Holdings, Inc. All Rights Reserved.

  2. Slide 2: ©Tokyo Electric Power Company Holdings, Inc. All Rights Reserved.

    ©Tokyo Electric Power Company Holdings, Inc. All Rights Reserved.

  3. Slide 3: Overview of FY2024 1st Quarter Financial Results

    1 Overview of FY2024 1st Quarter Financial Results (Released on July 31, 2024) Regarding Forward-Looking Statements Certain statements in the following presentation regarding TEPCO Group’s business operations may constitute “forward-looking statements.” As such, these statements are not historical f

  4. Slide 4: Consolidated Financial Results Summary

    1. Consolidated Financial Results Summary 2 【Main points of the FY2024 1st Quarter Financial Results】 ➢ Operating revenue decreased due mainly to a decrease in fuel cost adjustments caused by falling fuel/market prices, etc. ➢ Ordinary income/loss and quarterly net income/loss decreased due mainly t

  5. Slide 5: (Reference) Key Factors Affecting Performance

    (Reference) Key Factors Affecting Performance 3 Electricity Sales Volume (Unit: Billion kWh) FY2024 FY2023 Comparison Apr-Jun (A) Apr-Jun (B) (A)-(B) (A)/(B) (%) Total Electricity Sales Volume 52.3 51.0 +1.4 102.7 Retail Electricity Sales Volume ※1 42.4 43.5 -1.1 97.5 Wholesale Electricity Sales Vol

  6. Slide 6: Overview of Each Company

    2. Overview of Each Company 4 (Unit: Billion Yen) FY2024 FY2023 Comparison Apr-Jun (A) Apr-Jun (B) (A)-(B) (A)/(B) (%) Operating Revenue 1,492.5 1,615.1 -122.6 92.4 TEPCO Holdings (HD) 171.8 152.2 +19.5 112.9 TEPCO Fuel & Power (FP) 0.9 0.9 -0.0 97.2 TEPCO Power Grid (PG) 518.3 485.2 +33.0 106.8 TEP

  7. Slide 7: Points of Each Company

    3. Points of Each Company 5 ➢ HD : Ordinary income increased due mainly to an increase in wholesale power sales. ➢ FP : Ordinary income decreased due mainly to impact from negative turn of time-lag at JERA. ➢ PG : Ordinary income decreased due mainly to an increase in costs related to supply and dem

  8. Slide 8: Consolidated Extraordinary Income/Loss

    4．Consolidated Extraordinary Income/Loss 6 (Unit: Billion Yen) FY2024 FY2023 Comparison Apr-Jun Apr-Jun Extraordinary Income - - - Extraordinary Loss 18.0 50.3 -32.2 Expenses for Nuclear Damage Compensation ※ 18.0 50.3 -32.2 Extraordinary Income/Loss -18.0 -50.3 +32.2 ※ Increase in the estimated amo

  9. Slide 9: Consolidated Financial Position

    5. Consolidated Financial Position 7 ➢ Total assets balance decreased by 56.3 billion yen due mainly to a decrease in current assets. ➢ Total liabilities balance decreased by 231.7 billion yen due mainly to a decrease in accrued expenses. ➢ Total net assets balance increased by 175.3 billion yen due

  10. Slide 10: (Reference) Year-on-Year Comparisons for TEPCO Holdings

    (Reference) Year-on-Year Comparisons for TEPCO Holdings 8 Ordinary Income/Loss (Unit: Billion Yen) Profit structure Increase in profits: Income and expenditure includes dividend income, 9.1 billion yen decommissioning subsidy income, management support fees, and nuclear wholesale power sales, etc. I

  11. Slide 11: (Reference) Year-on-Year Comparisons for TEPCO Fuel & Power

    (Reference) Year-on-Year Comparisons for TEPCO Fuel & Power 9 Ordinary Income/Loss (Unit: Billion Yen) Profit structure Excluding Main profit is profit of entities accounted for using impact equity method, such as generation business at of time-lag 5.6 JERA. Excluding impact of time-lag Decrease FY2

  12. Slide 12: (Reference) Year-on-Year Comparisons for TEPCO Power Grid

    (Reference) Year-on-Year Comparisons for TEPCO Power Grid 10 Ordinary Income/Loss (Unit: Billion Yen) Profit structure Increase in costs Operating revenue is mainly transmission revenue, and this is Increase in related to supply fluctuated by area demand. transmission and demand Expenses is mainly f

  13. Slide 13: (Reference) Year-on-Year Comparisons for TEPCO Energy Partner

    (Reference) Year-on-Year Comparisons for TEPCO Energy Partner 11 Profit Structure Ordinary Income/Loss Operating revenue is mainly electricity sales revenue, and this is fluctuated by electricity sales volume. Expenses are mainly power purchasing costs and transmission fees of connected (Unit: Billi

  14. Slide 14: (Reference) Year-on-Year Comparisons for TEPCO Renewable Power

    (Reference) Year-on-Year Comparisons for TEPCO Renewable Power 12 Ordinary Income/Loss (Unit: Billion Yen) Profit structure Profit is mainly wholesale power sales of hydroelectric and Decrease in new energies. profits: Expenses is mainly for depreciation and repairs. 2.0 billion Increase in Increase

  15. Slide 15: (Reference) Image of Time-Lag

    (Reference) Image of Time-Lag 13 (Unit: Billion Yen) FY2023 Apr-Jun FY2024 Apr-Jun Ordinary Ordinary Income/Loss Income/Loss 233.1 102.2 Excluding Excluding impact impact of time-lag of time-lag 96.1 Impact from negative turn 93.2 of time-lag Gain - 128.0 billion yen +137.0 billion yen Revenue side

  16. Slide 16: Supplemental Material

    14 Supplemental Material ©Tokyo Electric Power Company Holdings, Inc. All Rights Reserved.

  17. Slide 17: Table of Contents

    Table of Contents 15 Financial Results Detailed Information The Current Status of Fukushima Daiichi NPS and Future Initiatives Consolidated Statements of Income 17 Current Situation and Status of Units 1 through 4 29 The status of Grants–in-aid from Nuclear Damage Compensation and 18 Milestones and

  18. Slide 18: FY2024 1st Quarter Financial Results Detailed Information

    16 FY2024 1st Quarter Financial Results Detailed Information ©Tokyo Electric Power Company Holdings, Inc. All Rights Reserved.

  19. Slide 19: Consolidated Statements of Income

    Consolidated Statements of Income 17 (Unit: Billion Yen) FY2024 FY2023 Comparison Apr-Jun(A) Apr-Jun(A) (A)-(B) (A)/(B) (%) Operating Revenue 1,492.5 1,615.1 -122.6 92.4 Operating Expenses 1,429.6 1,464.0 -34.3 97.7 Operating Income / Loss 62.8 151.1 -88.2 41.6 Non-operating Revenue 59.1 104.0 -44.8

  20. Slide 20: Grants-in-aid from NDF and Expenses for Nuclear Damage Compensation

    The status of Grants-in-aid from Nuclear Damage Compensation and Decommissioning Facilitation 18 Corporation and Expenses for Nuclear Damage Compensation (Unit: Billion Yen) FY2024 Cumulative Item FY2010 to FY2023 Apr-Jun Amount ◇Grants-in-aid from Nuclear Damage Compensation and Decommissioning Fac

  21. Slide 21: Consolidated Balance Sheets

    Consolidated Balance Sheets 19 (Unit: Billion Yen) <Interest-bearing debt outstanding> (Unit: Billion Yen) Jun.30 Mar. 31 Comparison Jun. 30 Mar. 31 (A)-(B) 2024 (A) 2024 (B) 2024 (A) 2024 (B) (A)-(B) (A)/(B) (%) Bonds 3,671.6 3,549.6 122.0 Total Assets 14,539.0 14,595.4 -56.3 99.6 Long-term Debt 79

  22. Slide 22: Key Factors Affecting Performance

    Key Factors Affecting Performance 20 ※1 Total of EP consolidated (EP/TCS/PinT) and PG (last resort supply/islands) Key Factors Affecting Performance（Results） ※2 Total (excluding indirect auctions) of EP,PG (including inter-regional), and RP consolidated (RP/Tokyo Electric Generation) ※3 Crude oil pr

  23. Slide 23: Seasonal Breakdown of Retail Electricity Sales Volume and Total Power Generated

    Seasonal Breakdown of Retail Electricity Sales Volume and Total Power Generated 21 Retail Electricity Sales Volume（EP consolidated） (Unit: Billion kWh) FY2024 Apr May Jun Apr-Jun Lighting 4.82 3.65 3.62 12.10 Power 9.93 9.72 10.41 30.06 Total 14.76 13.37 14.03 42.16 FY2023 [Ref.]Year-on-year Apr May

  24. Slide 24: Schedules for Public Bond Redemption

    Schedules for Public Bond Redemption 22 Amount at Maturity (As of Jun. 30, 2024) (Billion Yen) TEPCO Public Bond TEPCO Power Grid Public Bond TEPCO Renewable Power Public Bond (FY) Note: The amount redeemed for Apr.-Jun.of FY2024 totaled 60.0 billion yen. ©Tokyo Electric Power Company Holdings, Inc.

  25. Slide 25: Status of Kashiwazaki-Kariwa Nuclear Power Station

    23 Status of Kashiwazaki-Kariwa Nuclear Power Station ©Tokyo Electric Power Company Holdings, Inc. All Rights Reserved.

  26. Slide 26: Progress in safety measures work at Unit 7

    Progress in safety measures work at Unit 7 24 ✓ Having completed the safety measures work and a round of pre-service operator inspections before fuel loading as well as final checks, TEPCO applied for amendments to the pre-service confirmation with the NRA on March 28, 2024 as the next step in the p

  27. Slide 27: Soundness confirmation after fuel loading

    Soundness confirmation after fuel loading 25 ✓ Confirmed that equipment necessary for reactor activation and to “stopping,” “cooling,” and “containment” in the event of accident would function by June 12, 2024. ＜Reactor system, Soundness confirmation after fuel loading＞ Main steam lelief valve Check

  28. Slide 28: Communication with the local community

    Communication with the local community 26 ✓ The state of plant initiatives is disseminated through PR magazines and social media, and two-way communication is also being conducted through information sessions for the people of Niigata prefecture, communication booths, and station tours. ✓ We will co

  29. Slide 29: Efforts to increase disaster evacuation effectiveness

    Efforts to increase disaster evacuation effectiveness 27 ✓ Coordination with national and local governments will take place, and every evacuation support measure possible will be undertaken, in order to increase nuclear disaster evacuation effectiveness. ✓ In the event of natural disaster occurrence

  30. Slide 30: The Current Status of Fukushima Daiichi Nuclear Power Station and Future Initiatives

    28 The Current Status of Fukushima Daiichi Nuclear Power Station and Future Initiatives ©Tokyo Electric Power Company Holdings, Inc. All Rights Reserved.

  31. Slide 31: Current Situation and Status of Units 1 - 4

    Current Situation and Status of Units 1 - 4 29 ✓Spent fuel removal from Units 3 & 4 is complete. ✓Currently, preparation for Units 1 & 2 spent fuel removal and Units 1-3 fuel debris retrieval is being conducted. Main decommissioning work and steps ✓Please visit our website for latest information abo

  32. Slide 32: Milestones and progress in the 5th revision of Mid-and-Long-Term Roadmap

    Milestones and progress in the 5th revision of Mid-and-Long-Term Roadmap(December 2019) 30 Maintain Overall Framework of Decommissioning Schedule Dec. 2011 Nov. 2013 Dec. 2021* End of 2031 30 - 40 years after cold shutdown Phase 1 Phase 2 Phase 3-(1) Phase 3 Period until start of spent fuel Period u

  33. Slide 33: Fuel Debris Retrieval Schedule and Process

    Fuel Debris Retrieval Schedule and Process Based upon the Mid-to-Long Term Decommissioning Implementation Plan 2024 31 ✓ On March 28, 2024, the Mid-to-Long Term Decommissioning Implementation Plan 2024 was published based on the results of FY2023. ✓ R&D and engineering to apply the results of that R

  34. Slide 34: Contaminated Water Measures

    Contaminated Water Measures 32 ✓ Progress is being made on the three contaminated water initiatives detailed in the 5th revision of the Mid-and-long-term Roadmap (December 2019). (1) Initiative to promote contaminated water measures following the three basic policies (ⅰ) Remove the contamination sou

  35. Slide 35: Response Regarding ALPS Treated Water - Approach to Discharge

    TEPCO Holdings’ Response Regarding the Handling of ALPS Treated Water 33 - 1 TEPCO Holdings’ Approach to the Discharge of ALPS Treated Water ✓ TEPCO, as the body who has a responsibility to safely and steadily work on decommissioning the Fukushima Daiichi Nuclear Power Station, takes the government

  36. Slide 36: Response Regarding ALPS Treated Water - Equipment and Discharge Plan

    TEPCO Holdings’ Response Regarding the Handling of ALPS Treated Water 34 - 2 Design of Required Equipment and ALPS Treated Water Discharge Plan ✓ Discharge into the sea was started in August 24, 2023 after building equipment to secure safety, confirming that ALPS treated water can be diluted as plan

  37. Slide 37: Efforts to compensate for nuclear damages - Amount paid

    Efforts to compensate for nuclear damages - 1 Amount of compensation paid and amount of compensation to be paid 35 ✓ The amount of compensation paid as of the end of June 2024 was 11,328.0 billion yen. ✓ In addition to this, additional compensation based on the 5th Supplement to the Interim Guidelin

  38. Slide 38: Efforts to compensate for nuclear damages - Overview of Necessary Funds

    Efforts to compensate for nuclear damages - 2 Overview of Necessary Funds 36 ✓ On December 22, 2023, the Japanese government’s Nuclear Emergency Response Headquarters decided on a strategy to raise the maximum limit on delivery bonds. (From 13.5 trillion yen to 15.4 trillion yen for victim compensat

  39. Slide 39: Secure 500 billion yen in annual funding for Fukushima

    （Reference）Secure 500 billion yen in annual funding to fulfill our responsibilities to Fukushima 37 Status of raising 500 billion yen per year (Billion Yen) FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 ①Decommissioning Reserve Fund 391.3 361.1 280.4 260.0 260.1 270.0 260.1 ②Special Contributions

  40. Slide 40: Efforts to Increase Corporate Value

    38 Efforts to Increase Corporate Value ©Tokyo Electric Power Company Holdings, Inc. All Rights Reserved.

  41. Slide 41: Main Efforts to Increase Corporate Value -1

    Main Efforts to Increase Corporate Value -1 39 <TEPCO Holdings> June 3, 2024 Signed a comprehensive cooperation agreement with The Yamanashi Chuo Bank, Ltd., TEPCO Energy Partner, Inc., and Tepco Customer Service Co., Ltd. on realizing carbon neutrality in the area around Yamanashi Prefecture. June

  42. Slide 42: Main Efforts to Increase Corporate Value -2

    Main Efforts to Increase Corporate Value -2 40 <TEPCO Energy Partner> April 2, 2024 Mitsui Fudosan TEPCO Energy Co., Ltd., a company jointly established with Mitsui Fudosan Co., Ltd. started construction on a project that supplies electricity and heat to nearby areas through an autonomous distribute

  43. Slide 43: Main Efforts to Increase Corporate Value -3

    Main Efforts to Increase Corporate Value -3 41 <TEPCO Energy Partner> May 16, 2024 Signed a Off-site Physical Corporate PPA with MEIDENSHA CORPORATION and M WINDS CO., LTD. for electricity derived from renewables generated using wind power plants owned and operated by M WINDS. (signed April 1, 2024)

  44. Slide 44: Enhancement of Responsibility to Fukushima

    Action to Implement Management that is Conscious of Cost of Capital and Stock Price (repost) ● 42 ✓ To restore public confidence and thoroughly fulfill our responsibility to Fukushima, TEPCO will make the best use of business resources and maximize our corporate value while being conscious of the ma

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