Press Release
Basic Agreement to Discuss Potential Collaboration for Nuclear Energy Business (Boiling Water Reactors)

Aug 28, 2019

Tokyo Electric Power Company Holdings, Inc
Chubu Electric Power Co., Inc.
Hitachi, Ltd.
Toshiba Corporation

Tokyo, August 28, 2019 --- Tokyo Electric Power Company Holdings, Inc. (TSE:9501),　Chubu Electric Power Co., Inc. (TSE: 9502), Hitachi, Ltd. (TSE:6501) and Toshiba Corporation (TSE: 6502) (“the four companies”) today announced a basic agreement to discuss potential collaboration for nuclear energy business for boiling water reactor (“BWR business”). The agreement was signed today, August 28.
 
The four companies have so far exchanged opinions and information on topics such as increasing the sophistication of nuclear power plant operation and maintenance, and bolstering manufacturing and engineering capabilities, with the aims of improving safety and economic viability, and enhancing their business structures. The basic agreement was signed, as a result of these exchanges of opinions, etc., based on a consensus with regard to a general direction for advancing discussions for cooperation between the four companies, with the aim of creating sustainable business operations for safe and economical operation of the BWR business, and constructing and operating nuclear power plants.

In Japan’s national energy policy, nuclear energy is regarded as an important base load energy source that can contribute to the stability of the long-term energy supply-demand structure as a low-carbon, semi-domestic energy source, based on the prerequisite of ensuring safety. It is also an important source of energy in terms of finding a fundamental solution to resolving the issue of global warming.

The four companies include some of the world’s top manufacturers with manufacturing and engineering capabilities relating to the BWR business, and electric power companies with many years of knowledge and experience in operating and maintaining nuclear power plants. Moving forward, by transcending the boundaries of their individual industries, and bringing together their technologies and knowledge in order to maximize synergies and complementary effects, the companies will discuss potential collaboration with the aim of improving safety and economic viability and building a sustainable business framework for maintaining and developing human resources, technologies and supply chains.

(Reference) Outline of the Basic Agreement

<Vision for Potential Collaboration>