Tokyo Electric Power Company Holdings, Incorporated | Partial Amendment to the Articles of Incorporation (7) at Tokyo Electric Power Company Holdings, Incorporated

Status
AGM passed
AGM date
Previous AGM date
Proposal number
8
Resolution details
Company ticker
9501
Lead filer
Undisclosed filer
Resolution ask
Adopt or amend a policy
ESG theme
  • Environment
ESG sub-theme
  • Climate change
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. Capital investment in TEPCO Renewable Power, Incorporated Article X. The Company shall make an additional investment of 2.0 billion yen in TEPCO Renewable Power, Incorporated. Article X. The number of employees of TEPCO Renewable Power, Incorporated shall be 10% of that of the TEPCO Group. Article X. TEPCO Renewable Power, Incorporated shall proactively promote solar power generation of locally produced and locally consumed type in the areas where it provides power. Article X. TEPCO Renewable Power, Incorporated shall maintain and utilize its existing hydroelectric power generation facilities by removing sediment at the bottom of the dam to increase the depth.
Supporting statement
TEPCO Renewable Power, Incorporated (hereinafter referred to as “TEPCO RP”), which was established with a capital of 1.0 billion yen, is the Company’s 100% subsidiary that handles the renewable energy business. It supplies clean electricity from hydroelectric, wind, and solar power generation facilities, with a combined output of approximately 10 million kW (sufficient to power about 3,280,000 households) (as of March 2024). It is expected to start geothermal and offshore wind power generation, and is regarded as a rising star within the Company with a profit rate of 30%. While TEPCO RP has Japan’s largest-class renewable energy production facilities, the number of employees is only about 1,670. Its presence appears small compared to the total 38,190 employees of the TEPCO Group. In addition, both the number of business offices and the power to communicate information effectively are limited. The speed of its business expansion is also an issue. Against the backdrop of global decarbonization trends and increasing demand for renewable energy, TEPCO RP set a goal to develop 6-7 million kW of renewable power in Japan and overseas by the early 2030s. To start using renewable energy as the main power source, it is essential to implement strategic capital investments, enhance human resources, and engage in public relations activities. By improving TEPCO RP’s presence and expanding its business, it shall seek to establish a stable, sustainable power supply system and increase corporate value.

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