Expansion of the Power Generation Business in the United States

「During the current interim consolidated accounting period, J-POWER Frontier Consolidation, L.P. and 9 other companies, for which all interests held were transferred in April 2025, and Green Country Energy, LLC, for which all interests held were transferred in June 2025, were excluded from the scope of application of the equity method. J-POWER East Coast Consolidation, LLC and 4 other companies, which were liquidated in April 2025, were also excluded from the scope of application of the equity method.」

「From the current consolidated fiscal year, JPBC DEVELOPMENT CO PTY. LTD., established in June 2023, and 2 other companies, as well as AP Solar 4, LLC, in which an interest was acquired in March 2024, have been newly included in the scope of consolidation.」

「From the second quarter of the current fiscal year, J-POWER Alaska Development, LLC, established in July 2022, has been newly included in the scope of consolidation.」

「The large-scale projects our Group had been constructing in the UK and the US, the Triton Knoll offshore wind power project and the Jackson gas-fired power station, respectively began operations in April 2022 and May 2022.」

「Assets increased by ¥55.1 billion from the end of the previous consolidated fiscal year to ¥2,897.0 billion, mainly due to progress on construction of the Central Java coal-fired power plant in Indonesia and the Jackson gas-fired power plant in the United States.」

「Assets increased by ¥58.2 billion from the end of the previous fiscal year to ¥2,900.2 billion, due in part to the impact of the weaker yen and progress in construction of the Central Java coal-fired power plant in Indonesia and the Jackson gas-fired power plant in the United States.」

「Although assets increased due to progress on construction of Takehara Thermal Power Station New Unit 1, which began commercial operation on 30 June 2020, and the U.S. Jackson gas-fired power plant, assets decreased by ¥6.1 billion from the end of the previous consolidated fiscal year to ¥2,799.2 billion due to the impact of foreign exchange rates and other factors.」

「From the second-quarter consolidated accounting period, J-POWER Jackson, LLC, established in May 2019, has been newly included in the scope of consolidation. In addition, Jackson Generation, LLC, a consolidated subsidiary, absorbed Elwood Expansion, LLC, an equity-method affiliate, in June 2019.」

「From the current second-quarter consolidated accounting period, J-POWER Jackson Capital, LLC, established in May 2019, has been newly included in the scope of consolidation. In addition, Jackson Generation, LLC, a consolidated subsidiary, absorbed Elwood Expansion, LLC, an equity-method affiliate, in June 2019.」

「Guarantees of payment obligations under thermal power main equipment purchase contracts for the following company Jackson Generation, LLC — ¥18,922 million」

「At a meeting of the Board of Directors held on 26 June 2019, the company resolved to construct the Jackson gas-fired power plant near Chicago, Illinois, through J-POWER North America Holdings Co., Ltd., its North American business holding company, which is wholly owned by the company. The plant's principal specifications are a 1,200 MW gas combined-cycle power plant, comprising 2 units, each consisting of 1 gas turbine and 1 steam turbine. All electricity generated is scheduled to be sold in the PJM market, the wholesale electricity market in the northeastern United States. Construction was scheduled to begin in June 2019, participation in the bidding process from August 2019 onward, and commercial operation to begin in April 2022.」

「From the current third-quarter consolidated accounting period, J-POWER USA Generation Capital, LLC, established in August 2017, and 1 other company have been newly included in the scope of application of the equity method.」

「From the second quarter of the current fiscal year, Jackson Generation, LLC, established in April 2017, and one other company have been newly included in the scope of consolidation.」

「From the first quarter of the current fiscal year, J-POWER Westmoreland Partners, LLC, established in January 2017, and one other company have been newly included in the scope of consolidation. Tenaska Pennsylvania Partners, LLC, in which an equity interest was acquired in January 2017, has also been newly included in the scope of equity-method accounting.」

「Net cash used in investing activities was ¥137.6 billion, an increase of ¥6.1 billion from the previous consolidated fiscal year, mainly due to the acquisition of an additional interest in the U.S. Elwood thermal power plant.」

「Elwood Services Co., LLC, in which an interest was acquired in November 2016, was a subsidiary of the company as of 31 December 2016, but was not included in the scope of consolidation because its quarterly closing date differs from the quarterly consolidated closing date.」

「In the United States, an advanced deregulated market with abundant business opportunities expected, we will expand our business by building on our existing business base while adopting diverse sales models.」