Press Release

Report in response to the statement of direction from the Commissioner of the Agency for Natural Resources and Energy, Ministry of Energy, Trade and Industry

July 28, 2023
Chubu Electric Power Co.,Inc.
Chubu Electric Power Miraiz Co., Inc.

On July 14, Chubu Electric Power Co., Inc. (“Chubu Electric Power”) and Chubu Electric Power Miraiz Co., Inc. (“Chubu Electric Power Miraiz”) received a statement of direction from the Commissioner of the Agency for Natural Resources and Energy of the Ministry of Energy, Trade and Industry requiring action to achieve sound development of the electricity industry (announced by Chubu Electric Power and Chubu Electric Power Miraiz on the same day).

Today, Chubu Electric Power and Chubu Electric Power Miraiz made the following reports based on this statement of direction.

1．Report from Chubu Electric Power

（1）Reinforce wholesale of power generated by the Group to entities within and outside the Group, etc.

Direction	Swiftly discuss the specifics of reinforcing the indiscriminate wholesale of power generated by the Group to entities within and outside the Group, and building stable power trading relationships with diverse counterparties with short-term to long-term durations. Report on results by July 28.
Report	Chubu Electric Power has transitioned to a business model where generation and retail services are separated, and each operating company is being run to maximize their own profits. Chubu Electric Power has been wholesaling power to entities within and outside the Group indiscriminately in order to maximize the profits from owning and generating power from nuclear and renewable power sources. The company been increasing working to increase incomes and expenditures transparency to show its reasonableness. Chubu Electric Power will continue the indiscriminate wholesale to entities within and outside the Group, and in accordance with the intent of the recommendations made in the national government’s expert committee, discuss the specifics of expanding opportunities for selling and procuring power by offering long-term products in addition to one-year products.

Direction

Swiftly discuss the specifics of reinforcing the indiscriminate wholesale of power generated by the Group to entities within and outside the Group, and building stable power trading relationships with diverse counterparties with short-term to long-term durations. Report on results by July 28.

Report

Chubu Electric Power has transitioned to a business model where generation and retail services are separated, and each operating company is being run to maximize their own profits.
Chubu Electric Power has been wholesaling power to entities within and outside the Group indiscriminately in order to maximize the profits from owning and generating power from nuclear and renewable power sources. The company been increasing working to increase incomes and expenditures transparency to show its reasonableness.
Chubu Electric Power will continue the indiscriminate wholesale to entities within and outside the Group, and in accordance with the intent of the recommendations made in the national government’s expert committee, discuss the specifics of expanding opportunities for selling and procuring power by offering long-term products in addition to one-year products.

（2）Clarify the goal of Chubu Electric Power participating in the Federation of Electric Power Companies, Japan (FEPC), etc.

Direction	Clarify the goal of Chubu Electric Power participating in the Federation of Electric Power Companies, Japan (FEPC) and implement necessary measures to secure transparency in the company’s participation in the FEPC and in its cooperation with other utilities.
Report	Chubu Electric Power will participate in the FEPC with the goal of making policy recommendations to solve the issues in Japan’s electric power system and energy policy as an professional in the electricity industry. Chubu Electric Power will implement and increase the effectiveness of measures for interacting with the FEPC and competitors. These measures include ensuring the company is working within the rules on interacting the competitors, and strengthening the internal reporting system and the legal and compliance division. Chubu Electric Power will steadily advance these initiatives to ensure that concerns about the will be no concerns about the healthy competition of the retail electricity industry.

Direction

Clarify the goal of Chubu Electric Power participating in the Federation of Electric Power Companies, Japan (FEPC) and implement necessary measures to secure transparency in the company’s participation in the FEPC and in its cooperation with other utilities.

Report

Chubu Electric Power will participate in the FEPC with the goal of making policy recommendations to solve the issues in Japan’s electric power system and energy policy as an professional in the electricity industry.
Chubu Electric Power will implement and increase the effectiveness of measures for interacting with the FEPC and competitors. These measures include ensuring the company is working within the rules on interacting the competitors, and strengthening the internal reporting system and the legal and compliance division.
Chubu Electric Power will steadily advance these initiatives to ensure that concerns about the will be no concerns about the healthy competition of the retail electricity industry.

2．Reports from Chubu Electric Power Miraiz

（1）Expanding the number of options in stable and attractive price plans and services

Direction	Swiftly discuss the specifics of expanding the number of stable and attractive price plans and services. Report on the results by July 28.
Report	Chubu Electric Power Miraz will provide new price plans, demand-response plans, and services that will enrich our customers’ lives and solve business challenges to address the diversifying needs of customers and society. Chubu Electric Power Miraiz will raise the level of services offered by focusing on providing excellent customer support and developing services quickly by collaborating with other companies.

Direction

Swiftly discuss the specifics of expanding the number of stable and attractive price plans and services. Report on the results by July 28.

Report

Chubu Electric Power Miraz will provide new price plans, demand-response plans, and services that will enrich our customers’ lives and solve business challenges to address the diversifying needs of customers and society.
Chubu Electric Power Miraiz will raise the level of services offered by focusing on providing excellent customer support and developing services quickly by collaborating with other companies.

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