Agreement on Integration of Existing Thermal Power Generation Businesses into JERA Co., Inc.
February 27, 2018
TEPCO Fuel & Power, Inc.
Chubu Electric Power Co.,Inc.
TEPCO Fuel & Power, Inc. (a 100% subsidiary of Tokyo Electric Power Company Holdings, Inc.) and Chubu Electric Power Co., Inc. (hereinafter "two companies") have been discussing in detail to succeed the two companies' fuel acceptance/storage/gas transmission businesses and existing thermal power generation businesses alike (hereinafter "the Business") pursuant to the Joint-Venture Agreement concluded on June 08, 2017.
At this time, two companies would like to announce that we have finished assessments and valuations of assets and liabilities, and today agreed on detailed schedules and the scope of assets and liabilities subjected to the integration into JERA Co., Inc. (hereinafter "JERA").
The integration of the Business will see the completion of a series of value chains, from fuel upstream/procurement through to power generation and electricity/gas wholesaling.
This integration effect will enable JERA to grow into a global energy company that can compete on an equal footing with rivals in the international energy market. In addition to delivering a stable supply of globally competitive energy in the form of electricity and gas, etc., we aim to improve the corporate value of both the TEPCO and Chubu Electric Power groups.
With the aim of integrating the Business into JERA in April 2019, two companies will proceed with necessary procedures with parties feedbacks.
Conclusion of absorption-type split agreement with JERA pursuant to the Business
Approval of absorption-type split agreement at general meeting of shareholders (two companies and JERA)
Integration of the Business to JERA