Chubu Electric Power Company, Incorporated | Withdraw from nuclear power generation and do not extend the life of thermal power generation relying on unproven technologies at Chubu Electric Power Company, Incorporated

Status
AGM passed
AGM date
Previous AGM date
Proposal number
10
Resolution details
Company ticker
9502
Lead filer
Undisclosed filer
Resolution ask
Adopt or amend a policy
ESG theme
  • Environment
ESG sub-theme
  • Net Zero / Paris aligned
Type of vote
Shareholder proposal
Filer type
Shareholder
Company sector
Utilities
Company HQ country
Japan
Resolved clause
To add the following new chapter to the Articles of Incorporation: Chapter X. Contract for the purchase of nuclear power from other companies (Review contracts for purchasing from other companies' nuclear power plants, and terminate contracts for nuclear power plants permissions for which are rejected by the Nuclear Regulation Authority) Article X. The company shall terminate contracts concerning nuclear power plants permissions for which are rejected by the Nuclear Regulation Authority and shall not provide financial or technical assistance thereto. Article X. The company shall pay prices according to the amount of electricity purchased from other companies' nuclear power plants.
Supporting statement
On November 13, the Nuclear Regulation Authority decided to reject the application for the permission required for the restart of Japan Atomic Power's Tsuruga Unit 2. The reason is that there is a fault with undeniable activity under Tsuruga Unit 2. Considering the Fukushima nuclear accident and the damage from the Noto earthquake last New Year's, nuclear power plants with active faults directly beneath them should be decommissioned. Restarting them is unthinkable. The Company has continued to pay electricity charges in the tens of billions of yen annually for Tsuruga Unit 2, which has been long-term halted since 2011, amounting to over 300 billion yen in total. Even after the rejection decision, Japan Atomic Power intends to reapply, and the Company states that it will "continue to provide necessary support," but reapplication will incur significant costs and time, with no prospects of clearing the review. As shareholders, we cannot approve further support through electricity charges or debt guarantees to Japan Atomic Power, which cannot raise funds on its own. If the Company does not make a decision now, the expansion of losses is inevitable. The contract with Japan Atomic Power regarding Tsuruga Unit 2 should be terminated

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