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©Tokyo Electric Power Company Holdings, Inc. All Rights Reserved. FY2024 3rd Quarter Financial Results (April 1 – December 31, 2024) Tokyo Electric Power Company Holdings, Inc.
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©Tokyo Electric Power Company Holdings, Inc. All Rights Reserved.
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©Tokyo Electric Power Company Holdings, Inc. All Rights Reserved. (Released on January 30, 2025) (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 translation and the Japanese original, the latter shall prevail. Overview of FY2024 3rd Quarter Financial Results 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 facts but rather predictions about the future, which inherently involve risks and uncertainties, and these risks and uncertainties could cause TEPCO Group’s actual results to differ materially from the forward-looking statements herein. *The figures described in this document may not match the totals due to rounding. 1
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©Tokyo Electric Power Company Holdings, Inc. All Rights Reserved. (Unit: Billion Yen) FY2024 Apr-Dec (A) FY2023 Apr-Dec (B) Comparison (A)-(B) (A)/(B) (%) Operating Revenue 4,963.3 5,105.0 -141.7 97.2 Operating Income/Loss 311.0 382.5 -71.4 81.3 Ordinary Income/Loss 348.7 518.4 -169.7 67.3 Extraordinary Income/Loss -64.7 -108.7 +43.9 - Net Income/Loss Attributable to Owners of the Parent 243.1 351.3 -108.2 69.2 【Main points of the FY2024 3rd 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 turn of time-lag from the fuel cost adjustment system. 1. Consolidated Financial Results Summary 【FY2024 Consolidated Performance Forecast】 ✓ To be determined. 2
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©Tokyo Electric Power Company Holdings, Inc. All Rights Reserved. (Unit: Billion kWh) FY2024 Apr-Dec (A) FY2023 Apr-Dec (B) Comparison (A)-(B) (A)/(B) (%) Total Electricity Sales Volume 169.0 168.7 +0.3 100.2 Retail Electricity Sales Volume 138.3 144.7 -6.5 95.5 Wholesale Electricity Sales Volume 30.7 23.9 +6.8 128.3 FY2024 Apr-Dec (A) FY2023 Apr-Dec (B) (A)-(B) Foreign Exchange Rate (Interbank, yen/dollar) 152.6 143.3 +9.3 Crude oil price (All Japan CIF, dollar/barrel) 83.7 86.6 -2.9 FY2024 Apr-Dec (A) FY2023 Apr-Dec (B) Comparison (A)-(B) (A)/(B) (%) Area Demand 196.3 193.1 +3.2 101.6 Area Demand Exchange Rate/CIF (Unit: Billion kWh) ※3 (Reference) Key Factors Affecting Performance Electricity Sales Volume ※1 Total of EP consolidated (EP/TCS/PinT) and PG (last resort supply/islands). ※2 Total (excluding indirect auctions) of EP, PG (including inter-regional), and RP consolidated (RP/Tokyo Electric Generation). ※1 ※2 ※3 The crude oil price for FY2024 is the tentative price announced on January 23, 2025. 3
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©Tokyo Electric Power Company Holdings, Inc. All Rights Reserved. (Unit: Billion Yen) FY2024 Apr-Dec (A) FY2023 Apr-Dec (B) Comparison (A)-(B) (A)/(B) (%) Operating Revenue 4,963.3 5,105.0 -141.7 97.2 TEPCO Holdings (HD) 524.7 421.6 +103.0 124.4 TEPCO Fuel & Power (FP) 2.8 2.9 -0.0 97.2 TEPCO Power Grid (PG) 1,721.2 1,618.6 +102.5 106.3 TEPCO Energy Partner (EP) 4,062.8 4,252.5 -189.6 95.5 TEPCO Renewable Power (RP) 165.5 125.1 +40.4 132.3 Adjustments -1,513.8 -1,315.8 -198.0 － Ordinary Income/Loss 348.7 518.4 -169.7 67.3 Impact of time-lag -12.0 166.0 -178.0 － Excluding impact of time-lag 360.7 352.4 +8.2 102.3 TEPCO Holdings (HD) 131.2 64.4 +66.7 203.5 TEPCO Fuel & Power (FP) 50.7 151.6 -100.9 33.5 Impact of time-lag 16.0 109.0 -93.0 14.7 Excluding impact of time-lag 34.7 42.6 -7.9 81.4 TEPCO Power Grid (PG) 104.2 184.0 -79.7 56.7 TEPCO Energy Partner (EP) 154.6 222.8 -68.1 69.4 Impact of time-lag -28.0 57.0 -85.0 － Excluding impact of time-lag 182.6 165.8 +16.8 110.1 TEPCO Renewable Power (RP) 51.5 43.7 +7.7 117.8 Adjustments -143.7 -148.3 +4.6 － 2. Overview of Each Company 4
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©Tokyo Electric Power Company Holdings, Inc. All Rights Reserved. Ordinary Income/Loss (Unit: Billion Yen) ✓ 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 demand adjustment. ✓ EP: Ordinary income decreased mainly due to a negative turn in the impact of time-lag. ✓ RP: Ordinary income increased mainly due to an increase in wholesale power sales despite increases in repair costs. 3. Points of Each Company Excluding impact of time-lag +8.2 PG RP HD Adjustments FY2023 Apr-Dec FY2024 Apr-Dec Decrease in profits: 169.7 billion yen Impact from negative turn of time-lag FP (Excluding impact of time-lag) EP (Excluding impact of time-lag) 518.4 Excluding impact of time-lag 352.4 Excluding impact of time-lag 360.7 -178.0 +66.7 -7.9 -79.7 +16.8 +7.7 +4.6 348.7 FP: -93.0 EP: -85.0 5
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©Tokyo Electric Power Company Holdings, Inc. All Rights Reserved. FY2024 Apr-Dec (A) FY2023 Apr-Dec (B) Comparison (A)-(B) Extraordinary Income - - - Extraordinary Loss 64.7 108.7 -43.9 Expenses for Nuclear Damage Compensation 64.7 108.7 -43.9 Extraordinary Income/Loss -64.7 -108.7 +43.9 4. Consolidated Extraordinary Income/Loss ※ ※ Increase in the estimated amounts etc. in consideration of the impact of the discharge of ALPS treated water. (Unit: Billion Yen) 6
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©Tokyo Electric Power Company Holdings, Inc. All Rights Reserved. ・Accrued expenses -309.6 billion yen ・Accounts payable -68.1 billion yen ・Interest-bearing debt +125.1 billion yen ・Accumulated other comprehensive income +19.7 billion yen ・Net income attributable to owners of the parent +243.1 billion yen Improved by 1.8 points ✓ Total assets balance decreased by 45.3 billion yen mainly due to a decrease in current assets. ✓ Total liabilities balance decreased by 308.5 billion yen mainly due to a decrease in accrued expenses. ✓ Total net assets balance increased by 263.1 billion yen mainly due to an increase in net income attributable to owners of the parent. ✓ Equity ratio improved by 1.8 points. Balance Sheet as of March 31, 2024 Balance Sheet as of December 31, 2024 5. Consolidated Financial Position Total Assets Liabilities Liabilities Net Assets Net Assets Decrease in liabilities Increase in net assets ・Current assets -201.4 billion yen ・Investments and other assets +84.4 billion yen 14,595.4 billion yen Equity ratio: 24.1% Equity ratio: 25.9% 11,057.4 billion yen -308.5 billion yen +263.1 billion yen 3,538.0 billion yen 14,550.1 billion yen Total Assets -45.3 billion yen Decrease in assets 10,748.9 billion yen 3,801.1 billion yen 7
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©Tokyo Electric Power Company Holdings, Inc. All Rights Reserved. (Reference) Year-on-Year Comparisons for TEPCO Holdings Profit structure Ordinary Income/Loss Income includes dividend income, decommissioning subsidy income, management support fees, and nuclear wholesale power sales, etc. Costs include mainly repair costs and depreciation for nuclear power generation facility, and general contributions and special contributions to the Nuclear Damage Compensation and Decommissioning Facilitation Corporation. (Unit: Billion Yen)Ordinary Income/Loss FY2024 FY2023 Comparison Apr-Jun 151.6 142.4 +9.1 Apr-Sep 138.8 115.5 +23.2 Apr-Dec 131.2 64.4 +66.7 Apr-Mar -127.1 Increase in wholesale power sales, etc. FY2023 Apr-Dec FY2024 Apr-Dec (Unit: Billion Yen) Increase in profits: 66.7 billion yen 64.4 +66.7 131.2 8
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©Tokyo Electric Power Company Holdings, Inc. All Rights Reserved. (Reference) Year-on-Year Comparisons for TEPCO Fuel & Power FY2024 FY2023 Comparison Apr-Jun +10.0 +78.0 -68.0 Apr-Sep +8.0 +108.0 -100.0 Apr-Dec +16.0 +109.0 -93.0 Apr-Mar +125.0 Profit structure Impact of time-lag (JERA equity impact) (Unit: Billion Yen) FY2024 FY2023 Comparison Apr-Jun 38.7 83.6 -44.8 Apr-Sep 52.9 134.2 -81.2 Apr-Dec 50.7 151.6 -100.9 Apr-Mar 174.9 (Unit: Billion Yen)Ordinary Income/Loss Main profit is profit of entities accounted for using equity method, such as supply and demand balance at JERA. Impact from negative turn of time-lag FY2024 Apr-Dec Decrease in fuel business profit FY2023 Apr-Dec Impact of fuel procurement price, etc. Decrease in Overseas/renewable energy generation business profit, etc. Excluding impact of time-lag -7.9 151.6 50.7 Decrease in profits: 100.9 billion yen-93.0 +36.8 -5.0 -39.7 Excluding impact of time-lag 42.6 Excluding impact of time-lag 34.7 Ordinary Income/Loss (Unit: Billion Yen) 9
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©Tokyo Electric Power Company Holdings, Inc. All Rights Reserved. Area demand Operating revenue is mainly transmission revenue, and this is fluctuated by area demand. Expenses are mainly for repairs and depreciation costs of transmission and distribution facilities. Profit structure FY2024 FY2023 Comparison Apr-Dec 196.3 193.1 +3.2 (Unit: Billion kWh) FY2024 FY2023 Comparison Apr-Jun 11.7 48.9 -37.1 Apr-Sep 81.3 144.9 -63.6 Apr-Dec 104.2 184.0 -79.7 Apr-Mar 156.7 (Unit: Billion Yen)Ordinary Income/LossFY2024 Apr-Dec FY2023 Apr-Dec ※1 Transmission revenue excludes the impact of imbalance earnings and expenditure. ※2 Shows the difference between sales impacts and procurement impacts from last resort service agreements. (Reference) Year-on-Year Comparisons for TEPCO Power Grid Impact of last resort service agreement ※2 Increase in transmission revenue ※1 Increase in costs related to supply and demand adjustment, etc. 184.0 104.2 Decrease in profits: 79.7 billion yen +23.6 -24.9 -27.5 Impact from the decrease in the number of contracts, etc. Others -50.9Increase in the procurement unit price, etc. Increase in repair cost, etc. Ordinary Income/Loss (Unit: Billion Yen) 10
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©Tokyo Electric Power Company Holdings, Inc. All Rights Reserved. Retail electricity sales volume (EP consolidated) 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 supply. Profit structure FY2024 FY2023 Comparison Apr-Dec 137.6 142.3 -4.7 (Unit: Billion kWh) As of December 31, 2024 As of March 31, 2024 Approx. 1.45 million Approx. 1.44 million Gas contracts (EP non-consolidated) FY2024 FY2023 Comparison Apr-Jun 21.4 82.8 -61.4 Apr-Sep 79.6 193.1 -113.5 Apr-Dec 154.6 222.8 -68.1 Apr-Mar 326.1 (Unit: Billion Yen)Ordinary Income/LossFY2024 Apr-Dec FY2023 Apr-Dec Competition: -6.1, Temperature impact: +0.7, Others: +0.7 (Reference) Year-on-Year Comparisons for TEPCO Energy Partner Others FY2024 FY2023 Comparison Apr-Jun -1.0 +59.0 -60.0 Apr-Sep -39.0 +60.0 -99.0 Apr-Dec -28.0 +57.0 -85.0 Apr-Mar +104.0 Impact of time-lagImpact from negative turn of time-lag Quantity impact ※ Impact of decreases in retail electricity sales volume, etc. Excluding impact of time-lag +16.8 (Unit: Billion Yen) ※ Shows the difference between sales impact and procurement impact. Decrease in profits: 68.1 billion yen222.8 -85.0 -13.9 -6.1 154.6 Excluding impact of time-lag 182.6 Excluding impact of time-lag 165.8 Unit price impact ※ +36.9 Ordinary Income/Loss (Unit: Billion Yen) Decreases in the procurement unit price, etc. 11
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©Tokyo Electric Power Company Holdings, Inc. All Rights Reserved. Profit structure Flow rate FY2024 FY2023 Comparison Apr-Dec 98.8 87.9 +10.9 Operating revenue is mainly wholesale power sales of hydroelectric and new energies. Expenses are mainly for depreciation and repairs. (Unit: %) (Unit: Billion Yen)Ordinary Income/Loss FY2024 FY2023 Comparison Apr-Jun 20.1 22.1 -2.0 Apr-Sep 40.3 39.4 +0.8 Apr-Dec 51.5 43.7 +7.7 Apr-Mar 45.1 (Reference) Year-on-Year Comparisons for TEPCO Renewable Power Repair costs increase, etc. FY2023 Apr-Dec 43.7 51.5 Increase in profits: 7.7 billion yen FY2024 Apr-Dec +18.8 -11.0 Increase in wholesale power sales, etc. Ordinary Income/Loss (Unit: Billion Yen) 12
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©Tokyo Electric Power Company Holdings, Inc. All Rights Reserved. Apr 2023 (Reference) Image of Time-Lag FY2023 Apr-Dec Gain +166.0 billion yen Loss -12.0 billion yen Dec 2024Dec 2023 Ordinary Income/Loss 518.4 Excluding impact of time-lag 352.4 (Unit: Billion Yen) Apr 2024 FY2024 Apr-Dec Ordinary Income/Loss 348.7 Excluding impact of time-lag 360.7 Cost side element Revenue side element Impact from negative turn of time-lag -178.0 billion yen 13
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©Tokyo Electric Power Company Holdings, Inc. All Rights Reserved. (Reference) Capital Expenditures & Depreciation and Amortization Progression 750.0 675.0 575.9 585.9 665.7 568.6 602.7 639.7 524.4 608.8 566.0 637.7 765.1 972.7 686.5 621.0 647.3 624.2 621.9 564.2 561.2 541.8 422.4 412.0 419.2 341.1 358.2 0 200 400 600 800 1,000 1,200 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Capital Expenditures Depreciation and Amortization ※ Cited from the Tokyo Electric Power Company Holdings, Inc. Annual Securities Report (FY2023), “ 3. Planned Additions, Retirements, etc. of Facilities.” 【※ Plan】 (Billion Yen) 14 (FY)
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©Tokyo Electric Power Company Holdings, Inc. All Rights Reserved. (Reference) FCF Progression (Unit: Billion Yen) FY2011 FY2012 FY2013 FY2014 FY2015 FY2016 FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 Operating CF -2.8 260.8 638.1 872.9 1,077.5 783.0 752.1 503.7 323.4 239.8 406.4 -75.6 673.0 Investing CF -335.1 -636.6 -293.2 -523.9 -620.9 -478.4 -520.5 -570.8 -508.2 -577.2 -559.7 -388.8 -698.7 FCF -337.9 -375.8 344.9 348.9 456.6 304.5 231.5 -67.1 -184.7 -337.3 -153.2 -464.5 -25.7 -800 -600 -400 -200 0 200 400 600 800 1,000 1,200 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 Operating CF Investing CF FCF (Billion Yen) (FY) 15
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©Tokyo Electric Power Company Holdings, Inc. All Rights Reserved. 8,277.3 7,892.0 7,600.0 6,996.4 6,599.3 6,004.9 6,022.9 5,890.7 4,914.9 4,889.0 5,440.2 5,756.4 6,300.5 0 1,000 2,000 3,000 4,000 5,000 6,000 7,000 8,000 9,000 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 (Reference) Interest Bearing Debt Outstanding Progression ~FY2015 : Former TEPCO FY2016~ :Consolidated (Billion Yen) 16 (FY)
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©Tokyo Electric Power Company Holdings, Inc. All Rights Reserved. Supplemental Material 17
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©Tokyo Electric Power Company Holdings, Inc. All Rights Reserved. Financial Results Detailed Information Consolidated Statements of Income 20 Current Situation and Status of Units 1 through 4 33 21 The Trial Retrieval of Fuel Debris from Unit 2 34 Milestones and Progress in the 5th Revision of 35 Mid-and-Long-Term Roadmap(December 2019) Consolidated Balance Sheets 22 TEPCO Holdings’ Response Regarding the Handling of ALPS Treated Water 36 Key Factors Affecting Performance 23 Design of Required Equipment and ALPS Treated Water Discharge Plan Seasonal Breakdown of Retail Electricity Sales Volume 24 Efforts to Compensate for Nuclear Damages and Total Power Generated – 1 Amount of Compensation Paid and Amount of Compensation to Be Paid 37 Schedules for Public Bond Redemption 25 – 2 Overview of Necessary Funds 38 （Reference）Secure 500 Billion Yen in Annual Funding 39 to Fulfill Our Responsibilities to Fukushima Progress in Safety Measures Work at Kashiwazaki-Kariwa Nuclear Power Station 27 Soundness Confirmation after Fuel Loading in Unit 7 28 Efforts to Increase Corporate Value Progress in Major Safety Measures Work at Unit 6 29 Future Electricity Demand Projections in the TEPCO PG Area 41 Communication with the Local Community 30 Main Efforts to Increase Corporate Value -1 42 Efforts to Increase Disaster Evacuation Effectiveness 31 Main Efforts to Increase Corporate Value -2 43 Action to Implement Management 44 That Is Conscious of Cost of Capital and Stock Price(Repost) The Current Status of Fukushima Daiichi NPS and Future Initiatives The status of Grants–in-aid from Nuclear Damage Compensation and Decommissioning Facilitation Corporation and Expenses for Nuclear Damage Compensation Status of Kashiwazaki-Kariwa Nuclear Power Station Table of Contents 18
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©Tokyo Electric Power Company Holdings, Inc. All Rights Reserved. FY2024 3rd Quarter Financial Results Detailed Information 19
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©Tokyo Electric Power Company Holdings, Inc. All Rights Reserved. Consolidated Statements of Income 20 (Unit: Billion Yen) (A)-(B) (A)/(B) (%) Operating Revenue 4,963.3 5,105.0 -141.7 97.2 Operating Expenses 4,652.2 4,722.5 -70.2 98.5 311.0 382.5 -71.4 81.3 112.8 195.1 -82.2 57.9 Investment Gain under the Equity Method 94.2 180.2 -86.0 52.3 75.2 59.1 16.0 127.1 348.7 518.4 -169.7 67.3 － － － － 64.7 108.7 -43.9 － 40.1 56.4 -16.3 71.1 0.6 1.8 -1.1 36.2 243.1 351.3 -108.2 69.2 Extraordinary Loss FY2024 Apr-Dec(A) FY2023 Apr-Dec(B) Comparison Operating Income / Loss Non-operating Revenue Non-operating Expenses Ordinary Income / Loss Extraordinary Income Income Tax, etc. Net Income / Loss Attributable to Non-controlling Interests Net Income / Loss Attributable to Owners of Parent
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©Tokyo Electric Power Company Holdings, Inc. All Rights Reserved. ◇Grants-in-aid from Nuclear Damage Compensation and Decommissioning Facilitation Corporation 8,200.0 － 8,200.0 ◆Expenses for Nuclear Damage Compensation ●Compensation for individual damages ●Compensation for business damages ●Other expenses ● Amount of indemnity for nuclear accidents from the Government -188.9 － -188.9 ●Grants-in-aid corresponding to decontamination and other expenses -5,029.0 － -5,029.0 Total 8,212.0 64.7 8,276.8 (Unit: Billion Yen) Item FY2010 to FY2023 FY2024 Apr-Dec Cumulative Amount ○Grants-in-aid based on Nuclear Damage Compensation and Decommissioning Facilitation Corporation Act * Numbers above are those after deduction of a governmental indemnity of 188.9 billion yen, and Grants-in-aid corresponding to decontamination and other expenses of 5,029.0 billion yen respectively. 2,489.2 -1.6 2,487.6 ・Expenses for radiation inspection, Mental distress, Damages caused by voluntary evacuations, and Opportunity losses on salary of workers, etc. 3,536.4 64.4 3,600.9 ・Opportunity losses on businesses, Damages due to the restriction on shipment, Damages due to groundless rumor and Package compensation, etc. 7,404.2 1.9 7,406.1 ・Damages due to decline in value of properties, Housing assurance damages, Decontamination and other expenses, etc. * * The status of Grants-in-aid from Nuclear Damage Compensation and Decommissioning Facilitation Corporation and Expenses for Nuclear Damage Compensation 21
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©Tokyo Electric Power Company Holdings, Inc. All Rights Reserved. <Interest-bearing debt outstanding> (Unit: Billion Yen) Dec. 31 2024 (A) Mar. 31 2024 (B) (A)-(B) Bonds 3,721.6 3,549.6 172.0 Long-term Debt 68.1 94.7 -26.5 Short-term Debt 2,610.8 2,636.2 -25.3 Commercial Paper 25.0 20.0 5.0 Total 6,425.6 6,300.5 125.1 <Reference> FY2024 Apr-Dec (A) FY2023 Apr-Dec (B) (A)-(B) ROA(%) 2.1 2.8 -0.7 ROE(%) 6.7 10.5 -3.8 EPS(Yen) 151.78 219.31 -67.53 ROA: Operating Income / Average Total Assets ROE: Net Income / Loss attributable to owners of parent / Average Equity Capital (Unit: Billion Yen) (A)-(B) (A)/(B) (%) 14,550.1 14,595.4 -45.3 99.7 12,128.5 11,972.5 156.0 101.3 2,421.5 2,622.9 -201.4 92.3 10,748.9 11,057.4 -308.5 97.2 6,305.9 6,386.4 -80.4 98.7 4,442.9 4,671.0 -228.0 95.1 3,801.1 3,538.0 263.1 107.4 3,500.8 3,257.6 243.2 107.5 273.3 253.6 19.7 107.8 26.9 26.7 0.1 100.6 Shareholders' Equity Accumulated Other Comprehensive Income Non-controlling Interests Net Assets Comparison Total Assets Fixed Assets Current Assets 2024 (B) Mar. 31Dec.31 2024 (A) Liabilities Long-term Liability Current Liability Consolidated Balance Sheets 22
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©Tokyo Electric Power Company Holdings, Inc. All Rights Reserved. FY2024 Apr-Dec FY2023 Apr-Dec ［Reference］ FY2023 T o t a l E l e c t r i c i t y S a l e s V o l u m e ( B i l l i o n k W h ) 169.0 168.7 228.7 R e t a i l E l e c t r i c i t y S a l e s V o l u m e （ B i l l i o n k W h ） ※ 1 138.3 144.7 196.2 W h o l e s a l e E l e c t r i c i t y S a l e s V o l u m e （ B i l l i o n k W h ） ※ 2 30.7 23.9 32.5 G a s S a l e s V o l u m e ( M i l l i o n t o n ) 1.75 1.75 2.59 F o r e i g n E x c h a n g e R a t e ( I n t e r b a n k ; y e n per d o l l a r ) 152.6 143.3 144.6 C r u d e O i l P r i c e ( A l l J a p a n C I F ; d o l l a r s p e r b a r r e l ) ※ 3 83.7 86.6 86.0 N u c l e a r P o w e r P l a n t C a p a c i t y U t i l i z a t i o n R a t i o ( % ) - - - <Fluctuation of Foreign Exchange Rate> Key Factors Affecting Performance（Results） ※1 Total of EP consolidated (EP/TCS/PinT) and PG (last resort supply/islands). ※2 Total (excluding indirect auctions) of EP, PG (including inter-regional), and RP consolidated (RP/Tokyo Electric Generation). ※3 The crude oil price for FY2024 is the tentative price announced on January 23, 2025. Key Factors Affecting Performance <Fluctuation of All Japan CIF> 23
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©Tokyo Electric Power Company Holdings, Inc. All Rights Reserved. (Unit: Billion kWh) Apr-Sep Oct Nov Dec Oct-Dec Apr-Dec Lighting 28.13 4.26 3.95 4.88 13.09 41.21 Power 66.52 10.64 9.55 9.71 29.91 96.43 Total 94.65 14.90 13.50 14.59 43.00 137.64 Apr-Sep Oct Nov Dec Oct-Dec Apr-Dec Oct-Dec Apr-Dec Lighting 27.29 4.21 3.83 4.84 12.88 40.17 101.6% 102.6% Power 70.21 11.17 10.25 10.55 31.96 102.17 93.6% 94.4% Total 97.50 15.38 14.08 15.39 44.85 142.35 95.9% 96.7% FY2024 FY2023 [Ref.] Year-on-year Comparison (Unit: Billion kWh) Apr-Sep Oct Nov Dec Oct-Dec Apr-Dec Hydroelectric 6.53 0.79 0.78 0.65 2.23 8.76 Thermal 0.08 0.01 0.01 0.01 0.04 0.12 Nuclear - - - - - - Renewable etc. 0.03 0.01 0.01 0.01 0.02 0.05 Total 6.65 0.81 0.80 0.67 2.28 8.93 Apr-Sep Oct Nov Dec Oct-Dec Apr-Dec Oct-Dec Apr-Dec Hydroelectric 6.83 0.69 0.61 0.68 1.99 8.82 111.9% 99.3% Thermal 0.08 0.01 0.01 0.01 0.04 0.12 103.9% 103.0% Nuclear - - - - - - - - Renewable etc. 0.03 0.00 0.00 0.00 0.01 0.04 167.7% 124.3% Total 6.94 0.71 0.63 0.70 2.04 8.98 112.0% 99.5% FY2023 [Ref.] Year-on-year Comparison FY2024 Seasonal Breakdown of Retail Electricity Sales Volume and Total Power Generated ※Total power generated includes part of consolidated subsidiaries. Retail Electricity Sales Volume（EP Consolidated） Total Power Generated※ 24
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©Tokyo Electric Power Company Holdings, Inc. All Rights Reserved. Schedules for Public Bond Redemption Note: The amount redeemed for Apr. - Dec. of FY2024 totaled 230.0 billion yen. (FY) (Billion Yen) TEPCO Public Bond TEPCO Power Grid Public Bond Amount at Maturity (As of Dec. 31, 2024) TEPCO Renewable Power Public Bond 25
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©Tokyo Electric Power Company Holdings, Inc. All Rights Reserved. Status of Kashiwazaki-Kariwa Nuclear Power Station 2526
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©Tokyo Electric Power Company Holdings, Inc. All Rights Reserved. <Inspection processes in Units 7 and 6> Progress in Safety Measures Work at Kashiwazaki-Kariwa Nuclear Power Station <Unit 7> ✓ In April 26, 2024, performed fuel loading and confirmed that major equipment required for reactor activation would function as soundness confirmation after fuel loading by June 12, 2024. ✓ Going forward, TEPCO will perform reactor activation related Pre-service confirmation amendment application. The timing of amendment application is currently undecided. <Unit 6> ✓ Applied to modify Pre-service confirmation amendment application on November 28, 2024 to change the fuel loading date to June 10, 2025 as the construction schedule up to fuel loading was more predictable. ✓ The schedule after the reactor is started cannot be foreseen at this time, and is to be determined. [Legend] ：Pre-service confirmation amendment application by TEPCO ：Pre-service confirmation by the NRA Secretariat ① Inspections conducted before fuel loading ② Inspections conducted before reactor startup ③ Inspections conducted before the start of commercial operation 【Item】 【Status】 Unit7:Fuel loading completed in Aprille 26,2024 Unit 7（Soundness confirmation completed in June 12,2024） Reactor startup （pull out the control rod) Restart Start of commercial operation Unit 6 27
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©Tokyo Electric Power Company Holdings, Inc. All Rights Reserved. Soundness Confirmation after Fuel Loading in Unit 7 ✓ 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＞ Check for leaks in the reactor pressure vessel [Containment] May 20, 2024 Main steam lelief valve Check on the emergency core cooling system function [Cooling] Jun 1, 2024 Check on fuel positions and that sub-criticality can be maintained even if 1 set of control rods (2 control rods) is pulled out [Stopping] Apr 27, 2024 Fuel-handling machine soundness confirmation Mar 23, 2023 Check the functionality of the control rod driving mechanism (e.g., SCRAM inspection) [Stopping] May 21, 2024 Main steam isolation valve Main steam lelief valve soundness confirmation May 25, 2023 Pressure suppression pool Pump Spent fuel pool Reactor Pressure Vessel (RPV) Control Rod Drive (CRD) Control Rod Check the leak rate of the reactor containment vessel [Containment] May 29, 2024 Main steam isolation valve soundness confirmation Apr 7, 2023 28
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©Tokyo Electric Power Company Holdings, Inc. All Rights Reserved. Progress in Major Safety Measures Work at Unit 6 ✓ The progress of safety measures work is approximately 80% completed if it is calculated based on the number of projects. ✓ Some works with long construction times such as the work on penetrations, installation of the fire detector, and the rebuilding the truck bay building are yet to be complete. TEPCO will work to complete these works putting safety above all, instead of rushing to meet deadlines for the fuel loading and letting safety fall by the wayside. MCR evacuation room コントロ ール 建屋 廃棄物 処理建 屋 Filter vent facility (ground-level) Prevents large amounts of radioactive materials from being emitted even when venting For disassembling the building and rebuilding a seismically resistant structure Passive autocatalytic recombiner (PAR) The catalyst converts the hydrogen and oxygen that have accumulated in the reactor building into water vapor, thereby suppressing the rise in hydrogen concentration A facility for injecting water into the reactor as a backup to the reactor core isolation cooling system (RCIC) High-pressure alternate cooling system （HPAC） For connecting a fire truck to inject water into the spent fuel pool from external sources in a severe accident Intake tank stoppage plate Inundation protection measures (e.g., watertight doors) Gas turbine generator A high-heat-resistant weir was installed to prevent molten fuel from damaging the steel reactor containment vessel boundary plate. Prevents the tsunami from inundating a building from the seawater pump inspection openings Filters were installed on the air supply ports to prevent emergency diesel generator from getting blocked with ash from a volcano erupting. Volcanic ash filter Tornado protection nets (for multiple areas) Truck Bay Building Nets are be installed on building openings to prevent flying objects from tornados from entering the building Prevents water leaked from damaged facilities from flowing into the room with important facilities To be used as an evacuation area for reducing operator exposure if a pressure relieving operation is conducted for the containment vessel once the core is damaged Blowout panel closure device ・Penetration measures (fire protection/inundation protection) ・Fire protection measures Emergency response center inside the reactor building If a severe accident occurs at Units 6 and 7, station personnel will be mustered to this center, and implement a commands to contain the accident Fuel-handling machine Seismically reinforced ：Construction complete ：In construction ※Even if construction is complete, maintenance work may be necessary to maintain function once pre -service operator inspections are complete ※Construction is deemed complete once the pre -service operator inspection is conducted and pre-service confirmation is conducted by the NRA Secretariat ※Some of the photos are from Unit 7 Blowout panel Blowout panel closure device Blowout panel forced opening device If the blowout panels are opened due to main steam pipe rupture, the gaps will be swiftly closed once the pressure inside the reactor building is reduced Corium shield Secures power for important components should all AC power be lost Unit 7 turbine building Waste processing building Unit 6 turbine building xx Unit 6 reactor building Unit 7 reactor building Unit 5 exhaust stack External connecting port to inject water into the spent fuel pool Units 6 and 7 service building Unit 5 reactor building Unit 5 turbine building Control building 29
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©Tokyo Electric Power Company Holdings, Inc. All Rights Reserved. Communication with the Local Community ✓ The state of plant initiatives is disseminated through PR magazines and social media, and two-way communication is also being conducted through communication booths, and station tours. In addition, a "TEPCO Forum" was held to hear the opinions of more the people of Niigata prefecture and to deepen their understanding of energy and radiation, the safety of power plants, and other issues. ✓ TEPCO will continue to increase the number of opportunities for each employee to interact with the local community and to have them draw on that experience in their daily work, and will further expand efforts informed by opinions and requests from the community. Information dissemination via social media (e.g., 145 YouTube videos uploaded since September 2022 ) *As of end of December 2024) Communication booth (32 times in FY2024)*As of end of December 2024 Station tours (approx. 6,500 people in FY2024) *As of end of December 2024 Information dissemination through a PR magazine (issued every month) Total number of participants Nagaoka venue Niigata venue Joetsu venue 458 people 379 people 57 people 22 people TEPCO Forum (Held on December 21, 2024) 30
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©Tokyo Electric Power Company Holdings, Inc. All Rights Reserved. Efforts to Increase Disaster Evacuation Effectiveness ✓ 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 such as earthquake or tsunami, deliberations on utilization methods will proceed in TEPCO while considering input from the local community for facilities such as the Kashiwazaki resilience center scheduled to be built, and the Nuclear Power and Siting Division relocation office. Kashiwazaki resilience center New headquarters (Kashiwazaki office) ･Anti-seismic and seismic resistant structure ･Regional disaster prevention base ･Anti-seismic structure ･In the vicinity of the city hall on the Tajiri industrial site grounds in front of Kashiwazaki station Utilization of facilities Deliberate on usage during general disaster occurrence which utilizes the traits and strengths of each facility Utilization methods being deliberated (examples) Providing lodging facilities as temporary evacuation site Installing portable bathrooms Providing meals 31
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©Tokyo Electric Power Company Holdings, Inc. All Rights Reserved. The Current Status of Fukushima Daiichi Nuclear Power Station and Future Initiatives 32
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©Tokyo Electric Power Company Holdings, Inc. All Rights Reserved. Current Situation and Status of Units 1 through 4 ✓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. Works towards removal of spent fuel ・Outside the premises, ground assembly work for a movable roof is in progress to install a large cover. ・On site premises, the upper frame is being installed. The lower frame was installed in November 2024. ・Despite the installation of the large cover completing in around the summer of FY2025, the start of fuel retrieval from SFP is not expected to be affected. ・The reactor building opening was installed in December 2024. ・The installation of the runway steel girder frame, the part of the fuel retrieval gantry on which the fuel handling equipment will run, was started in October 2024. The operation of the ventilation equipment was started in November 2024. ・At the factory, the assembly of the fuel handling equipment has been completed, and a trial run of the various components of the equipment is currently being conducted. Once the trial run is complete, the equipment will be covered and transported by sea. ・Spent fuel removal work was completed for Unit 3, the first among units in which the core had melted. (February 2021) ・Removal of high dose equipment stored in the SFP was started in March 7, 2023. ・Fuel removal from the SFP was completed in December, 2014. ・The status of high dose equipment stored in the spent fuel pool was confirmed and a dose survey was conducted in May 2022 to verify that no new concerns have materialized. ・Detail has been discussed to start high -dose equipment retrieval in the second half of FY2024. Works towards removal of fuel debris ・Work that will reduce the PCV water level is being conducted. An environmental study is being conducted on factors such as the air dose and the amount of haze in the PCV as some of the sediment may be exposed to the air. ・Different methods of reducing the S/C water level (including those involving equipment) will be explored as the water level on the S/C side is difficult to reduce just by adjusting the amount of water injected into the reactor. ・Trial retrieval, in which fuel debris was taken out from the hatch on the enclosure side, was completed on November 2024. ・Enhance the equipment and workers will be trained based on prior work history to prepare for the next round of trial retrieval using a telescopic device (trial retrieval using the telescopic device is expected to start in around spring 2025). ・The plan is to purge the gas in the suppression chamber and reduce hydrogen combustion risk. ・A small-volume purging has been carried from December 19, 2023. － ✓Please visit our website for latest information about the progress of decommissioning, etc. Main decommissioning work and steps Unit 3 & 4 Rubble removal and dose reduction Installing fuel removal machine Fuel removal Storage and handling Unit 1 Fuel Removal from SFP Ascertaining the status inside the PCV/examining the fuel debris retrieval method, etc. Fuel debris retrieval Storage and handlingFuel Debris Retrieval Unit1 & 3 Unit2 Unit 2 Operating floor Current Situation Upperframeisbeinginstalled Opening has been installed Covering bag Unit 4 Pedestal Unit 3 West-side front chamber 615 Shield Spent fuel pool(SFP) 392 Unit 1 Primary Containment Vessel (PCV) Reactor Pressure Vessel (RPV) Fuel debris Removed fuel(assemblies) 566/566 （Fuel removal completed on February 28, 2021） Water injection Removed fuel(assemblies) 1535/1535* （Fuel removal completed On December 22, 2014） Land-side impermeable wall Freezing started on March 31, 2016 Installation of frozen pipes Installation of frozen pipes completed on Nov 9, 2015 1568/1568(pipes) Dome roof Fuel-handling machine crane FHM girder ＊ Including two new fuel assemblies removed first in 2012. Reactor building(R/B) Unit 2 Cover for retrieving fuel Shield Suppression chamber(S/C) front chamber Water injection Water injection 33
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©Tokyo Electric Power Company Holdings, Inc. All Rights Reserved. ✓ The trial retrieval of fuel debris from Unit 2 was started on September 10, 2024, and was completed on November 7, 2024, with the retrieval of the fuel debris from the hatch on the side of the enclosure. ✓ The debris has begun to be analyzed at the JAEA Oarai Nuclear Engineering Laboratories. The analysis results, including those at other facilities, will be compiled in about one year. The analysis period may change depending on the work status and analysis results. ✓ Fuel debris is expected to have a variety of characteristics and distributions. To increase the number of samples and expand knowledge, a trial retrieval of fuel debris using a telescopic device is expected to start in around spring 2025, and a retrieval using a robot arm by the end of FY2025. ＜Debris collection using the telescopic trial retrieval device＞ The Trial Retrieval of Fuel Debris from Unit 2 Enclosure Connection pipe Telescope X-6 Penetration connection structure X-6 Penetration Pedestal CRDrails Push pipe Telescopic device Guide pipe outer sleeve Guide pipe inner sleeve Connection point with connecting pipe Telescope Tip Jig Collecting grasped fuel debris in a transport box Date : November 6,2024 fuel debris zoom 34
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©Tokyo Electric Power Company Holdings, Inc. All Rights Reserved. Milestones and Progress in the 5th Revision of Mid-and-Long-Term Roadmap(December 2019) Maintain Overall Framework of Decommissioning Schedule Nov. 2013 End of 2031 30 - 40 years after cold shutdownDec. 2011 Dec. 2021* Major milestones ※1：The amount of contaminated water generated before measures were put in place was approx. 540㎥ / day (as of May 2014) ※2：Except for the reactor building of Units 1 - 3, the main process building, the high temperature incinerator building. ※3：Except for the secondary waste from the water treatment and other waste that will be reused. ※4：Considered finalized as “Technical outlook on methods for treatment and disposal of solid waste, and their safety” was included in the “2021 Technical Strategy for Decommissioning of TEPCO Holdings’ Fukushima Daiichi Nuclear Power Station” published by the Nuclear Damage Compensation and Decommissioning Facilitation Corporation (published on October 29, 2021). Phase 1 Phase 2 Phase 3-(1) Phase 3 Perioduntilstartof spentfuel removal (within2 years) Perioduntilstartof fueldebrisretrieval (within10 years) Perioduntilcompletionof decommissioning(30-40yearslater) Field Details Period Status Contaminated Water management Amount of contaminated water generated※1 Reduce to about 150㎥ /day Within 2020 Completed approx. 140㎥ / day(2020) Reduce to 100㎥ / day or less Within 2025 Completed approx. 80㎥ / day(FY2023) Stagnant water treatment Complete stagnant water treatment in buildings※2 Within 2020※2 Completed Reduce the amount of stagnant water in buildings to about a half of that in the end of 2020 FY2022-2024 Completed Fuel removal Complete of fuel removal from Unit 1 – 6 Within 2031 Completed removing fuel from Units 3 and 4 Complete of installation of the large cover at Unit 1 Around FY 2023* *Scheduled to be completed in the summer of FY2025 as safety measures for high dose areas will be implemented and the impact and interactions between works around the area will be closely investigated Working on installing the large cover Start fuel removal from Unit 1 FY2027-2028 Same as above Start fuel removal from Unit 2 FY2024-2026 Working on installing ancillary equipment of the gantry for fuel removal Fuel debris retrieval Start fuel debris retrieval from the first Unit （Start from Unit 2, expanding the scale gradually） Within 2021 Completed （started on September 10, 2024） Waste management Technical prospects concerning the processing/ disposal policies and their safety Around FY2021 Completed※4 Eliminating temporary storage areas outside for rubble and other waste※3 Within FY2028※3 Working on based on the storage maintenance plan 35
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©Tokyo Electric Power Company Holdings, Inc. All Rights Reserved. ✓ 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 and that the water clears the discharge criteria. Annual water discharge volume was around 31,145 ㎥ and annual tritium discharge volume was around 4.5 trillion Bq in FY2023. ✓ The discharge plan for FY2024 is to conduct 7 rounds of water discharge, which adds up to around 54,600 ㎥ of water and around 14 trillion Bq of tritium per year. TEPCO has completed the 6th discharge and is currently conducting inspections for the ALPS treated water dilution discharge facility based on the inspection plan . Undersea tunnel N Okuma TownFutaba Town Area where fishing is not routinely conducted North-South 3.5km East-West 1.5km The outlet of the discharge tunnel isinstalled within the area where nofishing is conducted on a dailybasis,and the assumed quantity ofwater within the subject area is approx.60 billion liters. Overview of Facilities for Securing Safety Source: Developed by Tokyo Electric Power Company Holdings, Inc. based on the map developed by the Geospatial Information Authority of Japan (electronic territory web) https://maps.gsi.go.jp/#13/37.422730/141.044970/&base=std&ls=std&disp=1&vs=c1j0h0k0l0u0t0z0r0s0m0f1 FY2024 Discharge Plan FY 2024 Discharge History （as of November. 5, 2024） ➥ Total amount of tritiumu discharged in FY2024：approx.14 trillion Bq TEPCO Holdings’ Response Regarding the Handling of ALPS Treated Water Design of Required Equipment and ALPS Treated Water Discharge Plan 36
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©Tokyo Electric Power Company Holdings, Inc. All Rights Reserved. (Billion yen) 1,000 2,000 3,000 4,000 5,000 6,000 7,000 8,000 9,000 10,000 11,000 12,000 13,000 14,000 0 ✓ The amount of compensation paid as of the end of December 2024 was 11,461.8 billion yen. ✓ In addition to compensation so far, additional compensation based on the 5th Supplement to the Interim Guideline and compensation for damages related to the discharge of ALPS-treated water into the sea have been conducted. Efforts to Compensate for Nuclear Damages - 1 Amount of Compensation Paid and Amount of Compensation to Be Paid Oct. 28, 2011 ¥1,010.9 billion ＜Amount of compensation paid and amount of compensation to be paid＞ ＜Zigzag line＞ Amount of compensation to be paid <Bar graph> Amount of compensation paid December 2024 cumulative ¥11,461.8 billion Decontamination etc. ¥3,654.2 billion Corporations, Sole Proprietors, etc. ¥3,675.7 billion Individuals ¥3,976.7 billion Tentative compensation ¥155.2 billion Dec. 27, 2011 ¥1,700.3 billion (+689.4) [Comprehensive Special Business Plan] Mar. 29, 2012 ¥2,546.2 billion (+845.9) Dec. 27, 2012 ¥3,243.0 billion (+696.8) May 31, 2013 ¥3,909.3 billion (+666.2) [New Comprehensive Special Business Plan] Dec. 27, 2013 ¥4,908.8 billion (+999.5) Jul. 23, 2014 ¥5,421.4 billion (+512.5) Mar. 26, 2015 ¥6,125.2 billion (+703.7) Jun. 29, 2015 ¥7,075.3 billion (+950.1) Mar. 18, 2016 ¥7,658.5 billion (+583.1) Dec. 27, 2016 ¥8,366.4 billion (+707.8) (+97.7) ［The Third Plan］ May. 11, 2017 ¥8,464.1 billion (+1,240.5) Jun. 28, 2017 ¥9,704.7 billion Mar. 27, 2018 ¥10,389.5 billion (+684.8) Sep. 26, 2019 ¥11,353.4 billion (+386.1)Mar. 19, 2019 ¥10,967.2 billion (+577.6) Mar. 19, 2020 ¥11,882.2 billion (+528.8) (+439.4) Mar. 22, 2021 ¥12,321.6 billion ［The Fourth Plan］ Jul. 21, 2021 ¥12,321.6 billion Sep. 30, 2021 ¥12,501.8 billion (+180.2) Mar. 22, 2022 ¥12,586.5 billion (+84.6) Mar. 22, 2023 ¥13,203.9 billion (+617.3) Mar. 15, 2024 ¥13,417.9 billion (+214.0) (Year/Month) 37
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©Tokyo Electric Power Company Holdings, Inc. All Rights Reserved. Efforts to Compensate for Nuclear Damages - 2 Overview of Necessary Funds ✓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 compensation, decontamination, and interim storage facility). ✓The change in the prospective cost remains within the current “framework for the costs of compensation, decontamination, and interim storage facility.” No change will be made to cost recovery duty allocations. Compensation Decontamination Interim storage facility Decommissioning Amount (21.5 trillion yen) ↓ (23.4 trillion yen) 7.9 trillion yen ↓ 9.2 trillion yen 4 trillion yen 1.6 trillion yen ↓ 2.2 trillion yen 8 trillion yen Recovery method (No change) [Utility] General Contributions Extraordinary Contributions Profit on sale of TEPCO stock [Government] Special account for energy measures [TEPCO] Deposited in NDF ※Created by modifying the "Forecast of TEPCO's compensation costs, etc. and review of the issuance limit for government bonds“ (METI) （https://www.meti.go.jp/earthquake/nuclear/kinkyu/pdf/2023/r20231222baisyoutou.jissi.sankousiryou.pdf ） Have delivery bond issued and the government temporarily cover the expenses Total 13.5 trillion yen → 15.4 trillion yen (+1.9 trillion yen) 38
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©Tokyo Electric Power Company Holdings, Inc. All Rights Reserved. (Billion Yen) （Reference）Secure 500 Billion Yen in Annual Funding to Fulfill Our Responsibilities to Fukushima Status of raising 500 billion yen per year 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 70.0 50.0 50.0 50.0 40.0 － 230.0 ③General Contributions 56.7 56.7 56.7 67.8 67.5 67.5 67.5 Total 518.0 467.8 387.1 377.8 367.7 337.6 557.7 (Billion yen) ※Amount of Notification from NDF ※The transition of the reserved amount, following the start of the decommissioning reserve fund system, is described for the ①Decommissioning Reserve Fund Special Contributions General Contributions FY2011 － 28.3 FY2012 － 38.8 FY2013 50.0 56.7 FY2014 60.0 56.7 FY2015 70.0 56.7 FY2016 110.0 56.7 ※Amount of Notification from NDF (Reference) Transition of Contributions before the introduction of the Decommissioning Reserve Fund System (Billion Yen) 39
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©Tokyo Electric Power Company Holdings, Inc. All Rights Reserved. Efforts to Increase Corporate Value 40
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©Tokyo Electric Power Company Holdings, Inc. All Rights Reserved. リーマン ショック 東日本 大震災 コロナ緊急 事態宣言 （億kWh） Future Electricity Demand Projections in the TEPCO PG Area ✓ There has been increased interest in construction and expansion on data centers and semiconductor plants in FY2024 in response to METI’s revision of the “Semiconductor and Digital Industries Strategy” in June 2023. This is projected to have a large impact on the increase electricity demand. ✓ As data centers are expanded and built, peak power demand (kW) in the TEPCO PG area is expected to gradually increase in the next 10 years by around 4,000 MW as of FY2034 (Applied contract capacity is projected to be grow to around 9,500 MW by FY2037). ✓ Electricity demand (TWh) is projected to be around 288.3TWh as of FY2034, increasing by an average of around 1.1% from FY2024 to FY2034. ① Effects of the construction and expansion of data centers ②Electricity demand forecast Peak power demand due to the construction and expansion of data centers and semiconductor plants by area (sum of data center and semi-conductor plants) Source: “National demand projections and demand projections by supply area (FY2025)” (OCCTO) COVID-19 State of Emergency （TEPCO PG area demand forecast according to the FY2025 supply plan) Great East Japan Earthquake Great recession Hokkaido･Tohoku Tokyo Chubu･Kansai Chugoku･Kyusyu （FY） Estimates (TWh) (10MW) 288.3TWh 258.8TWh 2006 250.0 260.0 270.0 280.0 290.0 300.0 310.0 320.0 Source : Created based on “National demand projections and demand projections by supply area (Detailed Table) (FY2025)” (OCCTO) 41
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©Tokyo Electric Power Company Holdings, Inc. All Rights Reserved. Main Efforts to Increase Corporate Value -1 <TEPCO Holdings> October 17, 2024 TN Cross Corporation, which TEPCO Holdings, Inc. and NIPPON TELEGRAPH AND TELEPHONE CORPORATION., are jointly invested in, was selected by Kawasaki City, Kanagawa Prefecture as an operator of PV system deployment, and signed an agreement (facilities to be installed by the end of October 2026, and facilities to start operating gradually as they are completed from April 2026). November 1, 2024 Started supplying electricity generated using the PV facilities on four Chitosedai Icchome municipal apartments to the Tokyo Metropolitan TeienArt Museum as a tentative demonstration for building VPPs in prefecturally owned facilities, with Tokyo Metropolitan Government. Started discussing the usefulness of the area energy management system and the reliability of operations. November 5, 2024 Signed an agreement to second people to optimize electric grid operations with the Ministry of Finance and the Ministry of Public Infrastructures and Industry of the Republic of Palau, and the Palau Public Utilities Corporation (Signed on October 23, 2024). November 20, 2024 Together with TEPCO Energy Partner, Inc. and Japan Facility Solutions, Inc., installed temporary generators that will operate when there is an electricity shortage in the Yokosuka U.S. Navy Base to maintain and improve reliability and stability of power of the U.S. Navy Command in Japan. The Base adopted a “temporary power supply service” that allows the generated power to be used at a fixed price. Installation work was started (operation to be begin in May 2025). November 27, 2024 The TEPCO Group received the “Gold” designation, the highest rating, for three years running in the “PRIDE Indicator 2024”, a indicator of a company’s LGBTQ+ initiatives, awarded by “work with Pride Association” (Received November 14, 2024). December 23, 2024 Together with TEPCO Energy Partner, Inc., Energy Gateway, Inc., and Sharp Energy Solutions Corporation., started a demand-response demonstration test that remotely controls Sharp Corporation manufactured household storage batteries (to be conducted from December 2024 to March 2025). January 15, 2025 TN Cross Corporation, which TEPCO Holdings, Inc. and NIPPON TELEGRAPH AND TELEPHONE CORPORATION., are jointly invested in, was selected by Yokohama City, Kanagawa Prefecture as an operator of renewable energy deployment to schools, and signed an agreement (facilities to be installed by the end of January 2028, and facilities to start operating gradually as they are completed from April 2027). 42
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©Tokyo Electric Power Company Holdings, Inc. All Rights Reserved. Main Efforts to Increase Corporate Value -2 <TEPCO Power Grid> November 8, 2024 The joint proposal “Speeding up recovery activities through public-private collaboration” submitted with Tokyo Gas Network, Co., Ltd. and NIPPON TELEGRAPH AND TELEPHONE EAST CORPORATION., to the Cabinet Office's “New Comprehensive Disaster Prevention Information System (SOBO-WEB) Ideathon 2024” won the Minister of State for Disaster Management Award, the Grand Prize. November 25, 2024 To reduce CO2 emissions, a large integrated for-transportation oil-immersed transformer for utilities that uses plant-based insulation oil, the first in Japan, instead of mineral oil-based insulation oil made from fossil fuels was installed in Iwatomi Substation in Sakura City, Chiba (started operation on November 22, 2024). January 15, 2025 Signed an agreement to cooperate in initiatives to accelerate the energy transformation and address climate change to provide even more value to customers with Endeavour Energy (signed on January 14, 2025). <TEPCO Energy Partner> October 15, 2024 Signed a virtual PPA using onshore wind power, the first of its kind in the railway industry, with Tokyo Metro Co., Ltd. and Cosmo Eco Power, Co., Ltd., a subsidiary of Cosmo Energy Holdings Co., Ltd. (signed on September 27, 2024). December 20, 2024 As a company that actively disseminates information on energy conservation, received the highest five-star rating in both the “Retail Electricity Provider” and “City Gas Retail Provider” categories in the FY2024 “Energy Conservation Communication Ranking" an initiative of the Ministry of Economy, Trade and Industry's Agency for Natural Resources and Energy, following the five-star ratings in FY2022 and FY2023. <TEPCO Renewable Power> October 30, 2024 A joint business venture with Toshiba Energy Systems & Solutions Corporation was selected as the operating body of “Imaichi Generation Management Office Central Monitoring Control System Project” publicly solicited by the Tochigi Prefectural Enterprise Bureau (contract signed on October 30, 2024). November 18, 2024 Successfully demonstrated autonomous flight of remotely-controlled drones, which is intended for emergency inspections after an earthquake, at Kazuno River Dam. These drones will help assess the soundness of the dam in a timely manner without the need for dispatching staff, as required with conventional inspection methods. 43
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©Tokyo Electric Power Company Holdings, Inc. All Rights Reserved. Action to Implement Management That Is Conscious of Cost of Capital and Stock Price (Repost) ✓ 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 market’s perspective, and maintain the business foundation for stable supplies and other factors. ✓ To that end, we will introduce ROIC management. For its full application, we are considering goals aligned with the traits ofeach business area, specific measures, and general goals including the handling of such factors as compensation/decommissioning costs. These goals and measures will be disclosed once fully developed and will engage in proactive dialogue with the markets. Sales expansion Cost reduction Investment to business foundation Existing energy business Enhancement of corporate value Financial policyOptimize assets 〈Image of ROIC management efforts〉 Each operating body: Steadily execute actions Management: ROIC-conscious management Stable profit / CF creation Generate profit and CF in the mid-to-long term New growth business Implement kaizen (as seen in Toyota) Enhancement of each business’s productivity Visualize ties between ROIC indicators and each operating body’s actions Quantify the traits of each business area (scale and capital efficiency) Business management based on the market’s perspective Increasing productivity awareness/ensuring productivity awareness permeates the organization Enhancement drivers Capital efficiency Efficiency enhancement Operating profit margin Capital turnover R&D / DX promotion Securing of human resources / Working style reform Human rights / safety / security Intellectual capital Human capital Social and related capital Fukushima-related business Steady compensation / reconstruction / decommissioning Verify capital efficiency Improve efforts Field-rooted enhancement of corporate value Securing of compensation / decommissioning expenses R O I C Responsibility to Fukushima (500 billion yen per year) 44