President's Message

To Our Shareholders and Investors

First of all, we would like to express our sincere gratitude to our shareholders and investors for their enormous support for and cooperation with the management of Tokyo Electric Power Company Holdings, Incorporated and its group companies ("the Group").

To carry out its responsibility to Fukushima, the Group has been committed to prompt and appropriate compensation, activities for reconstruction, and promotion of safe and steady decommissioning. At the same time, we have been actively pursuing dynamic management reforms for improving its profitability and corporate value, such as productivity reform through kaizen activities, collaboration with other companies, notably JERA, and business development into growth areas.

Through these efforts, we have made steady progress on compensation, reconstruction, and decommissioning while securing a certain level of earnings base. However, the business environment has grown more adverse, with further increase in competition in the retail business and long-term and the extended shutdown of nuclear power stations. Moreover, social requirements of the electricity business are changing significantly, including enhancement of disaster prevention and electric power resilience following a dramatic increase in severity and scope of natural disaster damage, global decarbonization, and increased awareness of the SDGs.

In response to this changing situation, the Group will promote "both reconstruction and decommissioning," in which we will complete decommissioning while benefiting the local community. At the same time, to further enhance our profitability and corporate value, we will restructure and strengthen our existing businesses, and accelerate measures such as steps towards recommencing operation of the Kashiwazaki-Kariwa Nuclear Power Station under the important preconditions of ensuring its guaranteed safety and obtaining the understanding of the local community. In addition, by pivoting to a new business model that aims to steadily achieve an inexpensive and stable supply of electricity while providing new value centered on "decarbonization" and "disaster prevention," which reflect the strong expectations of our customers, society and local communities, we will succeed in a climate of intensifying competition while creating new businesses that hold the potential to be profit drivers for the future.

In fiscal 2019, our circumstances still do not enable us to meet the expectations of shareholders with regard to dividends. However, the Group will work as one to carry out dynamic reforms and secure profits steadily over the long term. In this way we will carry out our most important mission of carrying out our responsibility to Fukushima while striving to raise our rating in the market. We sincerely ask for your continued understanding of and cooperation with management of the Group.

June, 2020
Tokyo Electric Power Company Holdings, Incorporated

President, Tomoaki Kobayakawa

President, Tomoaki Kobayakawa (Photo)

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