Tokyo Electric Power Company Holdings, Incorporated · TSE:9501

Tokyo Electric Power — Q1 FY2022 Earnings Presentation

41 slides from Tokyo Electric Power's earnings presentation, Aug 2, 2022

1. Slide 1: FY2022 1st Quarter Financial Results

   FY2022 1st Quarter Financial Results (April 1 – June 30, 2022) 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 FY2022 1st Quarter Financial Results

   Overview of FY2022 1st Quarter Financial Results (Released on August 2, 2022) (Note) Please note that the following is an accurate and complete translation of the original Japanese version prepared for the convenience of our English-speaking investors. In case of any discrepancy between the translat

4. Slide 4: Key Points of FY2022 1st Quarter Financial Results

   Key Points of FY2022 1st Quarter Financial Results 1 <FY2022 1st Quarter Financial Results>  Operating revenue increased due to an increase in fuel cost adjustments.  Ordinary income/loss decreased due mainly to a negative turn in the effects of the time- lag from the fuel cost adjustment system a

5. Slide 5: 1. Consolidated Financial Results

   1. Consolidated Financial Results 2 (Unit: Billion Yen) FY2022 FY2021 Comparison Apr-Jun (A) Apr-Jun (B) (A)-(B) (A)/(B) (%) Operating Revenue 1,476.4 980.0 496.4 150.7 Operating Income/Loss -44.2 -11.3 -32.9 - Ordinary Income/Loss -48.9 18.4 -67.4 - Extraordinary Income/Loss -25.2 -20.6 -4.6 - Net

6. Slide 6: (Reference) Key Factors Affecting Performance

   (Reference) Key Factors Affecting Performance 3 Area demand (Unit: Billion kWh) FY2022 FY2021 Comparison Apr-Jun(A) Apr-Jun(B) (A)-(B) (A)/(B) (%) Area demand 60.8 59.8 1.0 101.7 Foreign Exchange Rate/CIF FY2022 FY2021 (A)-(B) Apr-Jun(A) Apr-Jun(B) Foreign Exchange rate (Interbank,yen/dollar) 129.7

7. Slide 7: 2. Overview of Each Company

   2. Overview of Each Company 4 (Unit: Billion Yen) FY2022 FY2021 Comparison Apr-Jun (A) Apr-Jun (B) (A)-(B) (A)/(B) (%) Operating Revenue 1,476.4 980.0 496.4 150.7 TEPCO Holdings (HD) 131.1 117.2 13.8 111.8 TEPCO Fuel & Power (FP) 0.9 1.3 -0.3 75.5 TEPCO Power Grid (PG) 529.0 409.3 119.7 129.3 TEPCO

8. Slide 8: 3. Points of Each Companies

   3. Points of Each Companies 5  HD :Ordinary income decreased due mainly to a decrease in received dividends from core operating companies.  FP :Ordinary income decreased due mainly to a negative turn in the effects of the time-lag from the fuel cost adjustment system at JERA.  PG：Ordinary income

9. Slide 9: 4. Consolidated Extraordinary Income/Loss

   4. Consolidated Extraordinary Income/Loss 6 (Unit: Billion Yen) FY2022 FY2021 Comparison Apr-Jun (A) Apr-Jun (B) (A)-(B) Extraordinary Income - - - Extraordinary Loss 25.2 20.6 4.6 Expenses for Nuclear Damage Compensation ※ 25.2 20.6 4.6 Extraordinary Income/Loss -25.2 -20.6 -4.6 ※ Increases due mai

10. Slide 10: 5. Consolidated Financial Position

    5. Consolidated Financial Position 7  Total assets balance increased by 28.2 billion yen due mainly to an increase in investments and other assets.  Total liabilities balance decreased by 5.6 billion yen due mainly to decreases in accrued expenses and accounts payable.  Total net assets balance i

11. Slide 11: (Reference) Year-on-Year Comparisons for TEPCO Holdings

    (Reference) Year-on-Year Comparisons for TEPCO Holdings 8 Ordinary income/loss Profit Structure (Units: Billion Yen) Profit is dividend income, decommissioning charges profit, management consultation fees, wholesale Decrease in Decrease in Year-on-Year power sales of nuclear power, etc. received Inc

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

    (Reference) Year-on-Year Comparisons for TEPCO Fuel & Power 9 Ordinary income/loss Profit Structure (Units: Billion Yen) Main profit is profit of entities accounted for using equity method, such as generation business at JERA. Impact from worsening Timing Impact (JERA equity impact) (Units: Billion

13. Slide 13: (Reference) Year-on-Year Comparisons for TEPCO Power Grid

    (Reference) Year-on-Year Comparisons for TEPCO Power Grid 10 ・Electricity procurement expenses Ordinary income/loss corresponding to an increase in lighting and power sales (Units: Billion Yen) Increase in Profit Structure lighting and power sales Operating revenue is mainly transmission revenue, ・I

14. Slide 14: (Reference) Year-on-Year Comparisons for TEPCO Energy Partner

    (Reference) Year-on-Year Comparisons for TEPCO Energy Partner 11 Ordinary income/loss Profit Structure (Units: Billion Yen) 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 c

15. Slide 15: (Reference) Year-on-Year Comparisons for TEPCO Renewable Power

    (Reference) Year-on-Year Comparisons for TEPCO Renewable Power 12 Ordinary income/loss (Units: Billion Yen) Profit Structure ・ Include the impact from revision of depreciation method Profit is mainly wholesale power sales of Increase in +0.8 hydroelectric and new energies. wholesale Others Expenses

16. Slide 16: Supplemental Material

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

17. Slide 17: Table of Contents

    Table of Contents Status of response to address the series of incidents including a nuclear Financial Results Detailed Information material protection incident Consolidated Statements of Income 13 Status of response to address the series of incidents including a nuclear The status of Grants–in-aid f

18. Slide 18: FY2022 1st Quarter Financial Results Detailed Information

    FY2022 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 13 (Unit: Billion Yen) FY2022 FY2021 Comparison Apr-Jun(A) Apr-Jun(B) (A)-(B) (A)/(B) (%) Operating Revenue 1,476.4 980.0 496.4 150.7 Operating Expenses 1,520.7 991.4 529.3 153.4 Operating Income / Loss -44.2 -11.3 -32.9 － Non-operating Revenue 8.4 43.4 -35.0 19.4 I

20. Slide 20: Grants-in-aid from Nuclear Damage Compensation and Decommissioning Facilitation Corporation

    The status of Grants–in-aid from Nuclear Damage Compensation and Decommissioning Facilitation Corporation and Expenses for Nuclear Damage Compensation 14 (Unit: Billion Yen) FY2022 Cumulative Item FY2010 to FY2021 Apr-Jun Amount ◇Grants–in-aid from Nuclear Damage Compensation and Decommissioning Fac

21. Slide 21: Consolidated Balance Sheets

    Consolidated Balance Sheets 15 (Unit: Billion Yen) <Interest-bearing debt outstanding> (Unit: Billion Yen) Jun. 30 Mar. 31 Comparison Jun. 30 Mar. 31 (A)-(B) 2022 (A) 2022 (B) 2022 (A) 2022 (B) (A)-(B) (A)/(B) (%) Bonds 3,250.4 3,100.4 150.0 Total Assets 12,881.7 12,853.5 28.2 100.2 Long-term Debt 1

22. Slide 22: Key Factors Affecting Performance

    Key Factors Affecting Performance 16 ※１ Total of EP consolidated (EP/TCS/PinT) and PG (islands, etc.) Key Factors Affecting Performance（Results） ※２ Total (excluding indirect auctions) of EP consolidated (EP/TCS/PinT), PG (including inter-regional), and RP consolidated (RP/Tokyo Electric Generation)

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 17 Retail Electricity Sales Volume（EP consolidated） Unit: Billion kWh FY2022 Apr May Jun Apr-Jun Lighting 4.90 3.94 3.78 12.62 Power 9.58 9.17 10.02 28.77 Total 14.48 13.11 13.80 41.39 FY2021 [Ref.]Year-on-year Compariso

24. Slide 24: Schedules for Public Bond Redemption

    Schedules for Public Bond Redemption 18 (Billion Yen) Amount at Maturity (As of Jun. 30, 2022) 400 TEPCO Public Bond TEPCO Power Grid Public Bond TEPCO Renewable Power Public Bond 300 30.0 120.0 200 10.0 230.0 240.0 260.0 220.0 220.0 100 200.0210.0 210.0 180.0 160.0 150.0 160.0 130.0 120.0 30.0 55.0

25. Slide 25: Status of response to address the series of incidents including a nuclear material protection incident

    Status of response to address the series of incidents including a nuclear material protection incident ©Tokyo Electric Power Company Holdings, Inc. All Rights Reserved.

26. Slide 26: Nuclear reform measures

    Status of response to address the series of incidents including a nuclear material protection incident Nuclear reform measures 19  Recurrence prevention measures are being implemented according to the Improvement Measures Report for the unauthorized use of an ID card and the partial loss to functio

27. Slide 27: Concrete measures (Reform 1, 2)

    Status of response to address the series of incidents including a nuclear material protection incident Concrete measures (Reform ①, ②) 20 Reform 1 Unify management of Headquarters and power station ＜Overview of the transfer of head office functions＞ Work/living environments  Headquarter functions n

28. Slide 28: Concrete measures (Reform 3)

    Status of response to address the series of incidents including a nuclear material protection incident Concrete measures (Reform ③) 21 Reform 3 Drastic strengthening of physical protection / enlargement of resources and improvements in quality  36 countermeasures included in an improvement measure

29. Slide 29: Concrete measures (Reform 3 Reference)

    Status of response to address the series of incidents including a nuclear material protection incident Concrete measures (Reform ③ Reference) 22 36 countermeasures included in the improvement measure plan to address physical protection incidents  All to be put in place by September 2022 with the ex

30. Slide 30: Concrete measures (Reform 4, 5)

    Status of response to address the series of incidents including a nuclear material protection incident Concrete measures (Reform ④,⑤) 23 Reform 4 Personnel deployment / rotation revisions and leveraging of external experts ＜Nuclear Power & Plant Siting Division General＞ 2022.4～  To further promote

31. Slide 31: Status of general inspections after incomplete safety measure renovations

    Status of general inspections implemented after discovering partially incomplete safety measure renovations 24  The reform team established in light of the partially incomplete safety measures renovations is conducting general inspections for not only the incomplete renovations but for the followin

32. Slide 32: The Current Status of Fukushima Daiichi Nuclear Power Station and Future Initiatives

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

33. Slide 33: Current Situation and Status of Units 1 through 4

    Current Situation and Status of Units 1 through 4 25  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 informa

34. Slide 34: 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) 26 Maintain Overall Framework of Decommissioning Schedule *To be delayed by around a year due to the effects of COVID-19 Dec. 2011 Nov. 2013 Dec. 2021* End of 2031 30 ～ 40 years after cold shutdown Phase 1 Phase

35. Slide 35: Fuel Debris Retrieval Schedule and Process

    Fuel Debris Retrieval Schedule and Process Based upon the Mid-to-Long Term Decommissioning Implementation Plan 2022 27  The Decommissioning Long-term Implementation Plan 2022 was published on March 31, 2022 with the progress made in decommissioning work and new challenges identified in FY2021.  Re

36. Slide 36: Contaminated Water Measures

    Contaminated Water Measures 28  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 (1) Remove the contamination sou

37. Slide 37: Response Regarding the Handling of ALPS Treated Water - 1

    TEPCO Holdings’ Response Regarding the Handling of ALPS Treated Water – 1 TEPCO Holdings’ Approach to the Discharge of ALPS Treated Water 29  The “Basic Policy on handling of ALPS treated water at the Tokyo Electric Power Company Holdings’ Fukushima Daiichi Nuclear Power Station” (hereinafter gover

38. Slide 38: Response on the Handling of ALPS Treated Water - 2

    TEPCO’s Response on the Handling of ALPS Treated Water 30 – 2 Status of Review Regarding Design and Operation of Necessary Facilities and plan going foward  In August 2021, TEPCO released status of review regarding the handling of ALPS treated water at the Fukushima Daiichi NPS. In December of the

39. Slide 39: Other Initiatives

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

40. Slide 40: Main Efforts to Increase Corporate Value-1

    Main Efforts to Increase Corporate Value-1 31 ＜TEPCO Holdings＞ April, 22, 2022 Decided to invest in Solar Rooftop CE 9 Co., Ltd. through the intermediary holding company TEPCO Global Energy Pte. Ltd. established in Singapore in March 2022 to advance the rooftop photovoltaic generation corporate powe

41. Slide 41: Main Efforts to Increase Corporate Value-2

    Main Efforts to Increase Corporate Value-2 32 ＜TEPCO Energy Partner＞ May 18, 2022 Started the Virtual Mega-Solar Project where solar panels are deployed to Proud Season-branded houses sold by Nomura Real Estate Holdings, Inc. in the Tokyo metropolitan area to generate solar powered electricity on a

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