Measures to reduce burden of electricity and other costs in FY2024

Although the business environment for the Chubu Electric Power Group remains uncertain, in light of low fuel prices and group-wide management efforts, the Group has decided today to implement measures to reduce electricity rates and other burdens by approximately 130 billion yen in FY2024, the same amount as in FY2023.

1. Measures to reduce electricity rates for extra high-voltage and high-voltage customers (continued)

For electricity rates in FY2024, all extra high-voltage and high-voltage customers in the Chubu area will receive a discount of 1.74 yen per kWh (Note 1) from the fuel cost adjustment unit price for the full year. This discount will reduce customers’ burden by approximately 5.2 to 7.2% (Note 2). The scale of implementation is expected to be approximately 120 billion yen, which is the same level as the burden reduction measures in FY2023.

(Note 1) In FY2023, 2.09 yen per kWh is discounted for 10 months (from June 2023 to March 2024)

(Note 2) Calculated based on the fuel cost adjustment unit price applicable in March 2024

2. Measures to reduce burden for low-voltage customers

We will reduce the burden of electricity bills on mainly household customers, conduct campaigns to support the customers with life stage changes, and promote the customers’ use of renewable energy. The scale of implementation is expected to be approximately 8 billion yen, the same as the burden reduction measures in FY2023.

(1) Discounts on electricity rates for households with children or elderly residents, and for customers who have moved and newly signed a contract (continued and new)

Following this winter, the electricity rates in the three-month period from July to September 2024 (for use from June to August) will get a 10% discount on households with children and elderly residents so that they can use air conditioning and other home appliances with less anxiety during the summer months when electricity consumption becomes high.
In addition, in order to support customers who are moving for new employment or job transfer and facing increased burdens in their new lives, the customers who newly sign a contract by May 31, 2024, will also be eligible for the discount.
The customers who have applied for "Support for Winter Lifestyle! 10% discount on electricity rates (Note 3)" in FY2023, will automatically be applied.

(Note 3) A campaign offering a 10% discount on electricity rates for two months in January and February 2024 (for use in December 2023 and January 2024) for customers in households with children 22 years old or younger or elderly persons 65 years old or older.

(2) Free offering of "cancer insurance" and "nursing care insurance" for one year (new)

In order to provide customers with peace of mind for every stage of life, we offer cancer insurance to customers aged 20 to 49 and nursing care insurance to customers aged 50 to 79 for one year free. The target customers are those who subscribe to the electricity rate menu with Chubu Electric Power Miraiz. After April 2024, a direct mail with an application form attached will be sent as soon as it is ready.

(3) Initiatives to promote renewable energy use (continued and new)

To promote the creation and effective use of renewable energy, Chubu Electric Power Miraiz will offer gift cards to customers who contract for solar power generation equipment or storage batteries through KatEne Lease. We will also implement an initiative to use electricity wisely and economically in accordance with the amount of electricity generated from renewable energy sources by utilizing the Demand Response (DR) service, NACHARGE.
In addition, to ensure that customers can use EVs, which are becoming more popular to achieve decarbonization, without worrying, we will provide new support for the development of EV charging infrastructure, including subsidies for the installation of EV charging equipment at customers' homes and commercial facilities.

Details on how to apply for each campaign will be announced in due course from February 2024 onward. We will continue to consider further campaigns to support our customers' lives and new lifestyles.

The Chubu Electric Power Group will strive for further management efficiency and the development and provision of attractive services to meet customer needs, together with the stable delivery of electricity to our customers.