Tohoku Electric Power Incorporated : Financial Summary 3rd Quarter of FY2021

Financial Summary

3rd Quarter of FY2021

( April 1, 2021 - December 31, 2021)

January 31, 2022

Tohoku Electric Power Co., Inc.

Contents

3rd Quarter of FY2021 Financial Results

Key points of financial results and forecasts	・・・・	1
Summary of Financial Results	・・・・	2
Changing Factors in Consolidated Ordinary Income	・・・・	3
Electricity Sales	・・・・	4
Electricity Supply and Major Factors	・・・・	5
Segment Information (Consolidated)	・・・・	6
Financial and Dividend Forecasts for FY2021	・・・・	7

Status of Progress in Highlights of FY2021 Medium-term Plan

Highlights of FY2021 Tohoku Electric Power Group's Medium- term Plan	・・・・	10
Highlight 1.	Change	Major efforts and progress	・・・・	11
- Making Steady Efforts to Restart Nuclear Power Reactors	・・・・	12
- List of Major Renewable Energy Development/Participation Points of Our Group	・・・・	14
Highlight 2.	Challenge	Major efforts and progress	・・・・	16
Highlight 3.	Create	Major efforts and progress	・・・・	21
- Efforts toward carbon neutrality	・・・・	22

References

Financial Data	・・・・	25
Other Reference Data	・・・・	31

3rd Quarter of FY2021

Financial Results

1

Key points of financial results and forecasts

Financial Results for the 3rd Quarter of FY2021

• Operating revenue : Impact of the adoption of Accounting Standard for Revenue Recognition
• Ordinary Income : Impact the time lag between fuel cost and fuel cost adjustment charges and supply and demand due to the earthquake off the coast of Fukushima Prefecture

Financial and Dividend Forecasts for FY2021

• Increase of ¥170.0 billion from the previous forecasts due to an increase of fuel cost adjustment charges
• Decrease of ¥85.0 billion from the previous forecasts due to the expanded impact of the time lag between fuel cost and fuel cost adjustment charges and the increased procurement costs

		Summary of Financial Results					2
Operating revenue	¥1,398.9 billion			(a year on year decrease of ¥142.5 billion)
		Operating revenue decreased due to the impact of the adoption of Accounting Standard for
		Revenue Recognition.
Ordinary income		¥10.3 billion			(a year on year decrease of ¥65.3 billion)
		Ordinary income decreased due to temporary factors such as an impact of the time lag between
		fuel cost and fuel cost adjustment charges caused by soaring fuel prices and the shutdown of
		thermal power stations damaged by the earthquake off the coast of Fukushima Prefecture.
【Summary of Consolidated Financial Statements】
														(billions of yen)
				FY2021/3Q				FY2020/3Q			Change			Change
				(A)				(B)			(A) －(B)			(A) / (B)
	Operating Revenue*1			1,398.9				1,541.4			(142.5)			90.8		%
		[	1,398.9	]		[	1,209.0	]	[	189.8	]	[	115.7		%]
	Ordinary Income*1			10.3				75.7			(65.3)			13.7		%
		[	85.3	]		[	40.7	]	[	44.6	]	[	209.7		%]
	Net Income Attributable to Owners of		2.4				50.6			(48.2)			4.8		%
	Parent
	Consolidated Cash Income			233.2				224.4			8.7			103.9		%

*1 Lower figures of operating revenue are based on Accounting Standard for Revenue Recognition. Grant under act on purchase of renewable energy sourced electricity and surcharge for promoting renewable energy sourced electricity based on Feed-in Tariff Scheme for renewable energy, which were previously recorded as operating revenue, will no longer be recorded.

Those of ordinary income exclude time lag between fuel cost and fuel cost adjustment charges.

*2 Consolidate Cash Income = Operating income + Depreciation + Amortization of nuclear fuel + Share of profit of entities accounted for using equity method (Operating income doesn't include time lag between fuel cost and fuel cost adjustment charges.)