Key Point of President's Regular Press Conference

October 2023 Regular Press Conference : President Hayashi's Message

October 27, 2023
Chubu Electric Power Co.,Inc.

I will be discussing the following matters today:
- Financial results for the second quarter of fiscal 2023
- Company-wide disaster prevention drills

Financial Results for the Second Quarter of FY2023

First, I will talk about the financial results for the second quarter of fiscal 2023.
Consolidated net sales for the second quarter of FY2023 totaled 1,841.5 billion yen. An increase in the fuel cost adjustment pushed net sales upward by 62.3 billion yen year-on-year.
In addition, ordinary income was 377.3 billion yen. Income increased by 400.3 billion yen year-on-year as a result of the time-lag loss shifting to time-lag gain as well as reduction of power procurement costs at Chubu Electric Power Miraiz and decrease in costs associated with regulating power demand and supply at Chubu Electric Power Grid.
Ordinary income excluding time-lag recorded around 257 billion yen, which increased by around 98 billion yen year-on-year.
Net income attributable to owners of the parent company amounted to 311.5 billion yen, an increase of 354.1 billion yen year-on-year.
The interim dividend for this year was set at 25 yen per share.

Business forecast for FY2023

The FY2023 business forecast announced on July 28 was revised based on the situation of the first half of the year.
Net sales are expected to be around 3.65 trillion yen, which has not changed from the previously announced amount.
Ordinary income is expected to be around 410 billion yen, an increase by 100 billion yen from the previously announced amount due to reduction of power procurement costs at Chubu Electric Power Miraiz and decrease in costs associated with regulating power demand and supply at Chubu Electric Power Grid.
In addition, net sales income attributable to shareholders of the parent company is expected to increase by around 70 billion yen from the previously announced amount to around 330 billion yen.
The future business environment is uncertain due to the tense situation in the Middle East, but we will continue to monitor fuel price trends and electricity supply and demand carefully, and each business area will step up their risk management efforts and expand their ability to respond to market fluctuations.
Additionally, we will continue our efforts to improve corporate values by accelerating strategic investments in new growth areas such as realizing a decarbonized society.
We have instructed the secretariat to review the electricity rate level of our customers in the next fiscal year and onward as well as future shareholder returns. We will review specific measures in addition to formulating the plan for the next fiscal year, while assessing changes in the future business environment.
We will make an announcement as soon as the details are determined.

Implementation of company-wide disaster prevention drills

Next, I will talk about the company-wide disaster prevention training to be conducted on November 8.
In the Chubu Electric Power Group, Chubu Electric Power, Chubu Electric Power Grid and Chubu Electric Power Miraiz jointly conduct company-wide disaster prevention training every year with the objective of enhancing field response capabilities in preparation for a massive earthquake in the Nankai Trough or other major disasters.
In the training, two headquarters, “integrated emergency disaster response headquarters” which responds to large-scale power outage and “emergency response headquarters” which responds to nuclear disasters, will be established to conduct initial response, grasp the situation of the disaster and take subsequent actions for early recovery.
The three themes of this training are:
- Accelerated information sharing by utilizing the new disaster information system which was launched this October
- Confirmation of information communication and support coordination between head office and each branch company, in response to reorganization of Chubu Electric Power Grid from 6 branch offices to 19 branch offices
- Quicker assessment of equipment damage and accelerated recovery plan
Additionally, points of the training are that the training will be conducted without disclosing the scenario, as it was done last year, and newly skipping the training setting to the third day in the latter half of the training.
By skipping the training setting to the third day, this training will focus on coordination between departments for full-scale recovery and review of the order of priority of restoration areas, thereby improving disaster response capabilities.

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