Chubu Electric Power Co.,Inc. | Integration of Existing Fuel Businesses into JERA Co., Inc. by Company Spin-Off - Press Releases(2018)
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Press Release 2018

Integration of Existing Fuel Businesses into JERA Co., Inc. by Company Spin-Off

May 9, 2018

Chubu Electric Power Co.,Inc.

Chubu Electric Power today signed an absorption-type split agreement with JERA Co., Inc. (“JERA”). After concluding a definitive agreement with TEPCO Fuel & Power, Inc. to integrate fuel acceptance, storage, and gas transmission businesses along with existing thermal power generation businesses (hereinafter “the Business”) into JERA Co., Inc. negotiations with interested parties and other necessary procedures had been underway to spin off the Business of Chubu Electric Power.(previously announced on February 27, 2018

1. Summary of company spin-off

The Business belonging to Chubu Electric Power will be transferred under a company spin-off method (i.e., absorption-type split where Chubu Electric Power is the company spinning off a business and JERA is the succeeding company).

 Conclusion date of absorption-type split agreement 

May 9, 2018

 General meeting of shareholders for approval of absorption-type split agreement

Chubu Electric Power: June 27, 2018 (Scheduled date)
JERA: Mid-June (Scheduled date)

 Date in which the absorption-type split will take effect

April 1, 2019 (Scheduled date)

 Spin-off considerations

5,000,000 JERA common shares

 Business succeeded by the succeeding company

Chubu Electric Power’s fuel acceptance, storage, and gas transmission businesses, as well as existing thermal power generation businesses

 Rights and obligations succeeded by the succeeding company

JERA will succeed Chubu Electric Power’s rights and obligations associated with the Business

2. Overview of companies involved in company spin-off

 an item

Company spinning off business
(April 1, 2019 (scheduled))  

Company succeeding business
(April 1, 2019 (scheduled))  

 Company name

Chubu Electric Power Co., Inc.

JERA Co., Inc.

 Business activities

Electricity business (excluding the Business), etc.

Fuel and domestic/overseas power generation businesses, etc.

 Established date

May 1, 1951

April 30, 2015

 Location of headquarters

1, Higashi-shincho, Higashi-ku, Nagoya City

2-7-1 Nihonbashi, Chuo-ku, Tokyo

 President

President & Director: Satoru Katsuno

President: Yuji Kakimi

 Capital

430.777 billion yen 

5 billion yen