Tokyo Electric Power Company Holdings, Incorporated · TSE:9501

Tokyo Electric Power — Q2 FY2024 Earnings Presentation

45 slides from Tokyo Electric Power's earnings presentation, Oct 30, 2024

  1. Slide 1: FY2024 2nd Quarter Financial Results

    FY2024 2nd Quarter Financial Results (April 1 – September 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 2nd Quarter Financial Results

    1 Overview of FY2024 2nd Quarter Financial Results (Released on October 30, 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 historica

  4. Slide 4: Consolidated Financial Results Summary

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

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

    (Reference) Key Factors Affecting Performance 3 Electricity Sales Volume (Unit: Billion kWh) FY2024 FY2023 Comparison Apr-Sep (A) Apr-Sep (A) (A)-(B) (A)/(B) (%) Total Electricity Sales Volume 116.3 115.3 +1.0 100.9 Retail Electricity Sales Volume ※1 95.1 99.3 -4.2 95.7 Wholesale Electricity Sales V

  6. Slide 6: Overview of Each Company

    2. Overview of Each Company 4 (Unit: Billion Yen) FY2024 FY2023 Comparison Apr-Sep (A) Apr-Sep (A) (A)-(B) (A)/(B) (%) Operating Revenue 3,354.9 3,513.7 -158.7 95.5 TEPCO Holdings (HD) 348.4 298.5 +49.8 116.7 TEPCO Fuel & Power (FP) 1.8 1.9 -0.0 97.2 TEPCO Power Grid (PG) 1,168.4 1,081.7 +86.6 108.0

  7. Slide 7: Points of Each Company

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

  8. Slide 8: Consolidated Extraordinary Income/Loss

    4. Consolidated Extraordinary Income/Loss 6 (Unit: Billion Yen) FY2024 FY2023 Comparison Apr-Sep (A) Apr-Sep (A) Extraordinary Income - - - Extraordinary Loss 33.6 66.0 -32.4 Expenses for Nuclear Damage Compensation ※ 33.6 66.0 -32.4 Extraordinary Income/Loss -33.6 -66.0 +32.4 ※ Increase in the esti

  9. Slide 9: Consolidated Financial Position

    5. Consolidated Financial Position 7 ✓ Total assets balance decreased by 37.5 billion yen mainly due to a decrease in current assets. ✓ Total liabilities balance decreased by 268.9 billion yen mainly due to a decrease in accrued expenses. ✓ Total net assets balance increased by 231.3 billion yen mai

  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, decommissioning subsidy income, management support fees, and 23.2 billion yen nuclear wholesale power sales, etc.

  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 Profit structure (Unit: Billion Yen) Excluding Main profit is profit of entities accounted for using impact equity method, such as generation business at of time-lag JERA. 26.2 Excluding impact of time-lag Decrease FY

  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 Operating revenue is mainly transmission revenue, and this is Increase in Increase in costs related to supply Decrease fluctuated by area demand. FY2023 transmission and demand Impa

  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 Increase in new energies. profits: Expenses are mainly for depreciation and repairs. Increase in 0.8 billion wholesa

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

    (Reference) Image of Time-Lag 13 (Unit: Billion Yen) FY2023 Apr-Sep FY2024 Apr-Sep Ordinary Income/Loss Ordinary Income/Loss 479.6 250.6 Excluding impact of time-lag Impact from negative turn Excluding impact of time-lag 311.6 of time-lag 281.6 - 199.0 billion yen Gain +168.0 billion yen Revenue sid

  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 31 The status of Grants–in-aid from Nuclear Damage Compensation and 18 Status of prepa

  18. Slide 18: FY2024 2nd Quarter Financial Results Detailed Information

    16 FY2024 2nd 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-Sep(A) Apr-Sep(A) (A)-(B) (A)/(B) (%) Operating Revenue 3,354.9 3,513.7 -158.7 95.5 Operating Expenses 3,155.9 3,158.9 -3.0 99.9 Operating Income / Loss 199.0 354.7 -155.7 56.1 Non-operating Revenue 97.6 165.3 -67.

  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 Corporation and Expenses for Nuclear Damage Compensation 18 (Unit: Billion Yen) FY2024 Cumulative Item FY2010 to FY2023 Apr-Sep 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) Comparison Sep. 30 Mar. 31 Sep.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 14,557.9 14,595.4 -37.5 99.7 Long-term Debt 69

  22. Slide 22: Consolidated Statements of Cash Flows

    Consolidated Statements of Cash Flows 20 (Unit: Billion Yen) FY2024 FY2023 Comparison Apr-Sep (A) Apr-Sep (B) (A)-(B) Cash flows from operating activities 52.8 347.5 -294.6 Income / loss before income taxes 217.0 413.6 -196.5 Depreciation and amortization 179.2 175.3 3.9 Increase (decrease) in decom

  23. Slide 23: Overview of Consolidated Cash Flows

    Overview of Consolidated Cash Flows - Year on Year Comparison 21 ✓ Cash and cash equivalents as of September 30, 2024 decreased by 258.6 billion yen to 976.4 billion yen. - Cash flows from operating activities increased 52.8 billion yen mainly due to income before income taxes - Cash flows from inve

  24. Slide 24: Key Factors Affecting Performance

    Key Factors Affecting Performance 22 ※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 The crude

  25. Slide 25: Seasonal Breakdown of Retail Electricity Sales Volume and Total Power Generated

    Seasonal Breakdown of Retail Electricity Sales Volume and Total Power Generated 23 Retail Electricity Sales Volume（EP consolidated） (Unit: Billion kWh) FY2024 Apr-Jun Jul Aug Sep Jul-Sep Apr-Sep Lighting 12.10 4.53 5.95 5.55 16.03 28.13 Power 30.06 11.98 12.47 12.00 36.46 66.52 Total 42.16 16.51 18.

  26. Slide 26: Schedules for Public Bond Redemption

    Schedules for Public Bond Redemption 24 Amount at Maturity (As of Sep. 30, 2024) (Billion Yen) TEPCO Public Bond TEPCO Power Grid Public Bond TEPCO Renewable Power Public Bond (FY) Note: The amount redeemed for Apr.-Sep.of FY2024 totaled 160.0 billion yen. ©Tokyo Electric Power Company Holdings, Inc

  27. Slide 27: Status of Kashiwazaki-Kariwa Nuclear Power Station

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

  28. Slide 28: Progress in safety measures work at Kashiwazaki-Kariwa Nuclear Power Station

    Progress in safety measures work at Kashiwazaki-Kariwa Nuclear Power Station 26 <Unit 7> ✓ 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

  29. Slide 29: Soundness confirmation after fuel loading in Unit 7

    Soundness confirmation after fuel loading in Unit 7 27 ✓ 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 v

  30. Slide 30: Communication with the local community

    Communication with the local community 28 ✓ 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

  31. Slide 31: Efforts to increase disaster evacuation effectiveness

    Efforts to increase disaster evacuation effectiveness 29 ✓ 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

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

    30 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

    Current Situation and Status of Units 1 - 4 31 ✓Spent fuel removal from Units 3 & 4 is complete. Started trial retrieval of fuel debris from Unit 2. ✓Currently, preparation for Units 1 & 2 spent fuel removal and Units 1 & 3 fuel debris retrieval is being conducted. Main decommissioning work and step

  34. Slide 34: Status of preparation for Unit 2 fuel debris trial retrieval

    Status of preparation for Unit 2 fuel debris trial retrieval 32 ✓ Decommissioning entered Phase 3 of the Mid-to-long Term Roadmap, with the start of trial retrieval of fuel debris at Unit 2 on September 10, 2024. Taking seriously that we have entered “Phase 3: Period until completion of decommission

  35. Slide 35: 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) 33 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

  36. Slide 36: Response Regarding the Handling of ALPS Treated Water

    TEPCO Holdings’ Response Regarding the Handling of ALPS Treated Water 34 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 planned

  37. Slide 37: Efforts to compensate for nuclear damages - Amount of compensation 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 September 2024 was 11,389.6 billion yen. ✓ In addition to this, additional compensation based on the 5th Supplement to the Interim Gui

  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: TEPCO initiatives to data center demand

    TEPCO initiatives to data center demand 39 ✓ Electricity demand is expected to grow with electrification and digitalization. The construction and expansion of data centers and semiconductor plants in particular are expected to have a large impact on the growth of electricity. ✓ Total contract demand

  42. Slide 42: Main Efforts to Increase Corporate Value -1

    Main Efforts to Increase Corporate Value -1 40 <TEPCO Holdings> July 1, 2024 decided to introduce the charging service “e-Mobi Charge” provided by e-Mobility Power Co., Inc. (“eMP”) that uses an electric vehicle charging outlet control device developed by TEPCO Holdings, Inc. as a standard issue in

  43. Slide 43: Main Efforts to Increase Corporate Value -2

    Main Efforts to Increase Corporate Value -2 41 <TEPCO Power Grid> July 23, 2024 Was selected as the project implementing entity of proposals for “Research and Development on a Foundation for Advanced Implementation of a Digital Infrastructure Development Business and Digital Lifeline for Industrial

  44. Slide 44: Main Efforts to Increase Corporate Value -3

    Main Efforts to Increase Corporate Value -3 42 <TEPCO Energy Partner> August 1, 2024 Started supplying city gas to the LINTEC Corporation based on the city gas plan “TEPCO Carbon Offset Gas” that uses J-credits. August 27, 2024 Signed a memorandum on Off-site Physical Corporate PPA where some of the

  45. Slide 45: Enhancement of Responsibility to Fukushima

    Action to Implement Management that is Conscious of Cost of Capital and Stock Price (repost) 43 ✓ 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 mark

Tokyo Electric Power Company Holdings — Q2 FY2024 Earnings Presentation on 6ix