Tohoku Electric Power Incorporated : Financial Summary 1st Quarter of FY2022

Financial Summary

1st Quarter of FY2022

( April 1, 2022 - June 30, 2022)

July 29, 2022

Tohoku Electric Power Co., Inc.

Contents

FY2022/1Q Financial Results

Key points of financial results and forecasts	・・・・	1
Summary of Financial Results	・・・・	2
Changing Factors in Consolidated Ordinary Income from the Corresponding Period Last Year	・・・・	3
Electricity Sales and Major Factors	・・・・	4
Electricity Supply	・・・・	5
Segment Information (Consolidated)	・・・・	6
Balance Sheets (Consolidated)	・・・・	7
Statements of Income (Consolidated)	・・・・	8
Financial Forecast and Dividend Forecast	・・・・	10
Trends of Operating Revenue, and Each Income (Consolidated)	・・・・	12
Retail Electricity Sales Volume by Month	・・・・	14
Fuel Consumption Results	・・・・	15

Topics

Electricity Charge for Our Customers Categorized in a Deregulated Section	・・・・	17
Highlights of FY2022 Tohoku Electric Power Group's Medium-term Plan	・・・・	18
Making Steady Efforts to Restart Nuclear Power Reactors	・・・・	19
Current Situation of Thermal Power Stations	・・・・	20
Renewable Energy Development	・・・・	21
List of Major Renewable Energy Development/Participation Points of Our Group	・・・・	22
Attempt to Swiftly Achieve Profitability in Our Smart Society Building Business	・・・・	23
Initiatives in Achieving Carbon Neutrality in Our Smart Society Building Business	・・・・	24
Provide our Services That Reflect Regional Decarbonization Roadmap	・・・・	25
Enhancing our Capability to Create ESG-centric Corporate Value	・・・・	26

1st Quarter of FY2022

Financial Results

1

Key points of financial results and forecasts

Financial Results for the first quarter of FY2022

• Operating revenue : mainly due to increase in fuel cost adjustment charge
• Ordinary loss : mainly due to an increase in electricity procurement costs resulting from rising fuel prices and JEPX

Financial and Dividend Forecasts for FY2022

• Operating revenue : mainly due to increase in fuel cost adjustment charge
• Ordinary loss : mainly due to an increase in electricity procurement costs resulting from rising fuel prices and JEPX

Summary of Financial Results

2

 Operating revenue

¥558.2 billion (a year on year increase of ¥157.6 billion)

• Operating revenue increased mainly due to an increase in fuel cost adjustment charges resulting from rise in fuel prices.

 Ordinary income/loss

- ¥28.6 billion (a year on year decrease of ¥47.1 billion)

• Ordinary income/loss decreased mainly due to an increase in electricity procurement costs resulting from rising fuel prices and JEPX prices.

 Net Income Attributable to	- ¥31.2 billion (a year on year decrease of ¥41.0 billion)
Owners of Parent
【Summary of Consolidated Financial Statements】

(billions of yen)

	FY2021/1Q			FY2022/1Q			Change			Change
	(A)			(B)			(B) - (A)			(B) / (A)
Operating Revenue	400.5			558.2			157.6			139.4	%
Ordinary Income*1	18.5			(28.6)			(47.1)			-
[	32.5	]	[	17.3	]	[	(15.1)	]	[	53.4	%]
Net Income Attributable to	9.8			(31.2)			(41.0)			-	%
Owners of Parent
Consolidated Cash Income*2	82.5			67.6			(14.9)			81.9	%

*1 Lower figures 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.)