Press Releases 2015

Tokyo Electric Power Company, Incorporated ("TEPCO"; President: Naomi Hirose) and Chubu Electric Power Co., Inc. ("Chubu Electric"; President: Satoru Katsuno) have been moving forward with the comprehensive alliance, covering the entire energy supply chain, from upstream investments and fuel procurement through power generation in accordance with the Joint Venture Agreement signed on February 9, 2015, starting with the areas that will have a high impact and are easier to undertake. Today, we are announcing the integration of both companies' existing fuel businesses (upstream/procurement) and existing overseas power generation/energy infrastructure businesses ("Subject Businesses") to JERA Co., Inc. ("JERA") in July 2016.

By integrating the Subject Businesses of both companies' to JERA, necessary framework will be established for JERA to integrally and optimally manage the business fields, from upstream investments and fuel procurement to overseas power generation and development of new domestic thermal power plants and scrap and build of obsolete domestic thermal power plants, as agreed in the Joint Venture Agreement.

With predictions of an ever more rapid changes in the business environment and customer needs, TEPCO and Chubu Electric will endeavor to serve the public interest by securing the stable supply of energy, such as electricity and gas, on internationally competitive basis and also to realize an increase in their enterprise values, through JERA's global business activities.

Both companies will proceed with taking necessary procedures, such as consultation with relevant stakeholders, to integrate the Subject Businesses to JERA.

In addition, TEPCO and Chubu Electric will continue to discuss the integration of their existing domestic thermal power generation business and related assets into JERA, giving due consideration to the achievements of JERA and TEPCO's progress in implementing management reforms, with the target of reaching management decision in the spring of 2017.

【Schedule for the future】
May 2016  Execute an AbsorptionType Company Split Agreement with JERA regarding Subject Businesses
July 2016  Integrate Subject Businesses to JERA
Spring 2017  Reach management decision regarding the integration of existing domestic thermal power generation business to JERA (target)
Attached document: Progress Regarding the Comprehensive Alliance