Tokyo Electric Power Company Holdings, Incorporated | Partial Amendment to the Articles of Incorporation (5) at Tokyo Electric Power Company Holdings, Incorporated

Status
AGM passed
AGM date
Previous AGM date
Proposal number
6
Resolution details
Company ticker
9501
Resolution ask
Adopt or amend a policy
ESG theme
  • Governance
ESG sub-theme
  • Other
Filer type
Shareholder
Company sector
Utilities
Company HQ country
Japan
Resolved clause
The following new chapter shall be added to the Articles of Incorporation. Chapter X. Cancellation of the agreement to receive electricity from other companies’ nuclear power facilities Article X. The Company shall cancel the agreement to receive electricity from the Ohma Nuclear Power Station, currently under construction by Electric Power Development Co., Ltd. (J-POWER). Article X. For the cancellation of the agreement, the Company should take necessary measures.
Supporting statement
The Company has a plan to purchase 85% of the power output that will be generated at the Ohma Nuclear Power Station of J-POWER in Aomori Prefecture at an electricity receiving price of 15 yen/kWh (solar power receiving price is 8.3 yen/kWh). Besides, this is based on the construction cost of 470.0 billion yen, estimated at the deflation period in 2011 or earlier when the construction agreement was signed. Immediately after the Great East Japan Earthquake and up to this day, the construction progress rate has remained unchanged at 38%. While it costs almost 200.0 million yen per day even when construction does not progress, in the fall of 2025, it was announced that it is unlikely that operations will start in fiscal year 2030. The construction period has extended by 6 times to 24 years from the original plan. The actual construction cost will certainly be more than double the plan, exceeding 1.0 trillion yen, as inflation and interest rates keep rising. Accordingly, the Ohma Nuclear Power Station project is a total failure, just like the Rokkasho Reprocessing Plant. J-POWER has not disclosed the details of the power generating costs of the Ohma Nuclear Power Station. An obviously expensive power purchase agreement is a betrayal of both customers suffering from high prices and shareholders. The Company should cancel the agreement to receive electricity from the Ohma Nuclear Power Station, whose construction itself is a big mistake.

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