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Tokyo Gas (9531) · RiskMaterialisedLatest Earnings (2026-07-30): "Mitigated"

Decline in City Gas Sales Volumes Due to Fewer Supply Customers Served by Other Operators

First written in FY2018-Q2. 17 of 27 entries say "Materialised", first in FY2018-Q2. Latest entry: 2026-07-30.

27entries
10years
2from disclosures
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How it moved
ProgressHeldSoftenedWorseMaterialisedFY2019 – FY2022MaterialisedFY2024-Q1 – FY2024-Q32017: 12018: 220182019: 420192020: 420202021: 320212022: 420222023: 420232024: 220242025: 120252026: 22026
Same theme, other companies
Decline in Gas Sales Volumes Due to Competition from Other Energy Sources and Lower DemandA theme 8 companies write about · 11 as a headwind · 0 as a tailwind

Tokyo Gas moved to the "Worse" side of this theme in 2019, 2 years before the typical company in this theme (2021).

The whole theme swung hardest in 2019: 2 of 7 companies on the "Worse" side.

2 other companies' latest entry also says "Mitigated".

Ridges = years it wrote progress, valleys = years it wrote worse. Most hopeful companies at the back. Drag to turn, scroll to zoom, right-drag to pan. On a phone, two fingers turn and pinch to zoom; one finger scrolls the page.
Full recordFilings, disclosures and news, newest first
  1. FY2026-H1MaterialisedAnnual report

    「Supply to other operators declined 4.0% to 728 million m3, bringing the total down 0.4% to 5,127 million m3.」

    The decline in supply to other operators was again reflected in results as a 4.0% year-on-year decline.
  2. FY2025-H1MitigatedAnnual report

    「Commercial and industrial sales increased 1.0% to 3,474 million m3 due in part to higher demand for power generation, while supply to other operators increased 6.1% to 758 million m3, bringing the total up 0.4% to 5,150 million m3.」

    Supply to other operators, which had continued to decline, increased 6.1% year on year, and the decline in sales volumes due to a decrease in supply destinations was not evident in the interim consolidated accounting period.
  3. FY2024-Q3MaterialisedAnnual report

    「Commercial and industrial sales declined 15.4% to 5,150 million m3 due in part to lower demand for power generation, while supply to other operators declined 3.0% to 1,127 million m3, bringing the total down 12.4% to 7,956 million m3.」

    The decline in supply to other operators was reflected in cumulative sales for the first 3 quarters as a 3.0% year-on-year decline.
  4. FY2024-Q2MaterialisedAnnual report

    「Commercial and industrial sales declined 16.1% to 3,440 million m3 due in part to lower demand for power generation, while supply to other operators declined 3.9% to 714 million m3, bringing the total down 12.9% to 5,128 million m3.」

    The decline in supply to other operators was again reflected in results as a 3.9% year-on-year decline.
  5. FY2024-Q1MaterialisedAnnual report

    「Commercial and industrial sales declined 18.0% to 1,508 million m3 due in part to lower demand for power generation, while supply to other operators declined 3.9% to 346 million m3, bringing the total down 13.7% to 2,466 million m3.」

    The decline in supply to other operators was again reflected in results as a 3.9% year-on-year decline. However, lower demand for power generation and other factors also contributed to the decline in total city gas sales volumes.
  6. FY2023MitigatedAnnual report

    「Supply to other operators increased 0.4% to 1,616 million m3 due to increased operating rates at supply destinations and other factors.」

    Supply to other operators increased 0.4% year on year, and the decline in sales volumes due to the previously continuing decrease in supply destinations was not evident in the fiscal year.
  7. FY2023-Q3MitigatedAnnual report

    「Commercial sales increased 2.2% to 1,579 million m3, reflecting a recovery trend from the decline in demand caused by the impact of COVID-19 and other factors. Industrial sales declined 0.5% to 4,509 million m3 due in part to lower demand from general industry, while supply to other operators increased 1.2% to 1,162 million m3, bringing the total down 0.5% to 9,084 million m3.」

    Supply to other operators increased 1.2% year on year, and the previously continuing decline in supply volumes was not evident in the quarter.
  8. FY2023-Q2MitigatedAnnual report

    「Commercial sales increased 5.4% to 1,073 million m3, reflecting a recovery trend from the decline in demand caused by the impact of COVID-19 and other factors. Industrial sales increased 6.8% to 3,028 million m3 due in part to higher demand for power generation, and supply to other operators increased 2.7% to 744 million m3, bringing the total up 4.1% to 5,884 million m3.」

    Supply to other operators, which had continued to decline, increased 2.7% year on year, and total city gas sales volumes also increased 4.1%. The risk of lower sales volumes due to a decline in supply destinations was not evident in the quarter.
  9. FY2023-Q1MitigatedAnnual report

    「Commercial sales increased 1.4% to 446 million m3, reflecting a recovery trend from the decline in demand caused by the impact of COVID-19 and other factors. Industrial sales increased 5.3% to 1,393 million m3 due in part to higher demand for power generation, and supply to other operators increased 0.4% to 361 million m3, bringing the total up 2.9% to 2,857 million m3.」

    Supply to other operators increased 0.4% year on year, and the previously continuing decline in supply volumes was not evident in the quarter. Total city gas sales volumes also increased 2.9%.
  10. FY2022MaterialisedAnnual report

    「Supply to other operators declined 7.2% to 1,609 million m3 due to lower demand at supply destinations and other factors.」

    The decline in supply to other operators has been reflected in full-year results as a 7.2% year-on-year decline in sales volumes.
  11. FY2022-Q3MaterialisedAnnual report

    「Supply to other operators declined 9.8% to 1,149 million m3, while the total increased 1.2% to 9,022 million m3.」

    The decline in supply to other operators was reflected in results as a 9.8% year-on-year decline. However, total city gas sales volumes increased 1.2% due to higher industrial demand, including demand for power generation.
  12. FY2022-Q2MaterialisedAnnual report

    「Commercial sales declined 3.4% to 1,022 million m3, mainly due to lower air-conditioning demand resulting from the impact of cooler summer temperatures. Industrial sales increased 14.9% to 2,838 million m3 due in part to higher demand for power generation, while supply to other operators declined 9.5% to 724 million m3, bringing the total up 2.7% to 5,719 million m3.」

    The decline in supply to other operators has been reflected in actual sales as a 9.5% year-on-year decline. However, total city gas sales volumes increased due to higher industrial demand.
  13. FY2022-Q1MaterialisedAnnual report

    「Despite the impact of higher temperatures, commercial sales increased 3.5% to 440 million m3, reflecting a recovery trend from the decline in demand caused by the impact of COVID-19 and other factors in the previous period. Industrial sales increased 28.4% to 1,324 million m3 due in part to higher demand for power generation, while supply to other operators declined 5.6% to 359 million m3, bringing the total up 7.1% to 2,845 million m3.」

    The decline in supply to other operators has been reflected in actual sales as a 5.6% year-on-year decline.
  14. FY2021-Q3MaterialisedAnnual report

    「Supply to other operators declined 6.5% to 1,273 million m3, bringing the total down 10.2% to 8,912 million m3.」

    The decline in supply to other operators has been reflected in actual sales as a 6.5% year-on-year decline.
  15. FY2021-Q2MaterialisedAnnual report

    「Commercial sales declined 14.7% to 1,059 million m3 due in part to lower demand resulting from the impact of COVID-19, industrial sales declined 26.2% to 2,469 million m3 due in part to lower demand for power generation, and supply to other operators declined 9.3% to 800 million m3, bringing the total down 17.0% to 5,569 million m3.」

    The decline in supply to other operators has been reflected in actual sales as a 9.3% year-on-year decline.
  16. FY2021-Q1MaterialisedAnnual report

    「Supply to other operators declined 9.9% to 380 million m3, bringing the total down 21.2% to 2,656 million m3.」

    The decline in supply to other operators has been reflected in actual sales as a 9.9% year-on-year decline.
  17. FY2020MaterialisedAnnual report

    「Supply to other operators declined 5.1% to 1,837 million m3 due in part to lower demand at supply destinations.」

    Lower demand at supply destinations among other operators has been reflected in full-year results as a 5.1% year-on-year decline in supply volumes.
  18. FY2020-Q3MaterialisedAnnual report

    「Commercial sales declined 3.0% to 1,793 million m3 due in part to switching to other operators, industrial sales declined 11.1% to 4,831 million m3 due in part to lower demand for power generation, and supply to other operators declined 4.3% to 1,362 million m3, bringing the total down 6.7% to 9,923 million m3.」

    The decline in supply to other operators has been reflected in actual sales as a 4.3% year-on-year decline.
  19. FY2020-Q2MaterialisedAnnual report

    「Commercial sales declined 4.0% to 1,241 million m3 due in part to switching to other operators, industrial sales declined 1.2% to 3,346 million m3 due in part to lower demand excluding power generation, and supply to other operators declined 7.9% to 882 million m3, bringing the total down 1.7% to 6,707 million m3.」

    Supply to other operators declined 7.9% year on year, and this, together with switching to other operators and other factors, has been reflected in an actual decline in city gas sales volumes.
  20. FY2020-Q1WorsenedAnnual report

    「Commercial sales increased 1.1% to 555 million m3, industrial sales increased 18.9% to 1,587 million m3, and supply to other operators declined 12.6% to 422 million m3, bringing the total up 7.2% to 3,372 million m3.」

    Supply to other operators declined 12.6% year on year. Total city gas sales volumes increased 7.2% due to increases in industrial sales and other factors.
  21. FY2019MaterialisedAnnual report

    「Supply to other operators declined 2.5% to 1,936 million m3, due in part to lower demand at supply destinations.」

    Lower demand at supply destinations among other operators has been reflected in actual full-year sales as a 2.5% year-on-year decline in supply volumes.
  22. FY2019-Q3RestatedAnnual report

    「Commercial sales declined 3.2% to 1,848 million m3, industrial sales were broadly unchanged year on year at 5,432 million m3, and supply to other operators was broadly unchanged year on year at 1,423 million m3, bringing the total down 2.7% to 10,637 million m3.」

    Supply to other operators was broadly unchanged year on year, and the decline in supply destinations seen through the previous quarter was not identified as a factor behind the decline this time. Total city gas sales volumes declined due in part to lower household demand resulting from higher temperatures.
  23. FY2019-Q2MitigatedAnnual report

    「Supply to other operators increased 6.6% to 957 million m3, while total volumes declined 4.4% to 6,822 million m3.」

    Supply to other operators, which had been cited as a factor behind the decline through the previous period, increased 6.6% this time, indicating that the previous driver of this risk has weakened. Meanwhile, total city gas sales volumes declined 4.4% year on year due to declines in industrial demand and other factors.
  24. FY2018-Q3WorsenedAnnual report

    「Under these economic conditions and changes in the operating environment, city gas sales declined due in part to a decrease in supply destinations among other operators, resulting in gas sales volumes of 10,933 million m3, down 1.4% year on year.」

    Due in part to the decrease in supply destinations among other operators, the decline in gas sales volumes widened to 1.4% year on year from 1.0% in the previous quarter. Supply to other operators also declined 12.4% year on year.
  25. FY2018-Q2MaterialisedAnnual report

    「City gas sales declined due in part to a decrease in supply destinations among other operators, resulting in gas sales volumes of 7,136 million m3, down 1.0% year on year.」

    Amid changes in the operating environment, including full retail liberalization of gas, the decrease in supply destinations among other operators has been reflected in actual results as a 1.0% year-on-year decline in city gas sales volumes.
Moved together

"Risk of fluctuations in LNG procurement prices, foreign exchange rates and crude oil prices" moved the same way as this thread, in the same document, in 16 of its 27 moves.

16158777★123456
  1. ★This thread
  2. 1Risk of fluctuations in LNG procurement prices, foreign exchange rates and crude oil prices16×
  3. 2Decline in industrial and city gas sales volumes due to lower demand for power generation and other factors15×
  4. 3Risk of Failure to Recover Large-Scale Investments and Financing8×
  5. 4Shareholder distributions targeting a total payout ratio of around 60% through fiscal 20207×
  6. 5Risk of fluctuations in city gas sales volumes and earnings caused by temperature changes7×
  7. 6Risk of declining gas demand due to intensified competition7×

★ is this thread; numbers match the list above. The number on a line is how many documents both moved the same way in; lines between the other threads count the documents they moved together in too. Threads that move together often sit closer.

When this could move next
Tokyo Gas's next results are scheduled for 2026-10-29. Read the earnings preview It last moved in the Earnings of 2026-07-30: "Mitigated".
News
No news is linked to this thread yet. When an article touches it, it will appear here by date.
Decline in City Gas Sales Volumes Due to Fewer Supply Customers Served by Other Operators | TOKYO GAS CO.,LTD. (9531) | Komori