Dear stockholders and investors:

We would like to express our sincere gratitude to our stockholders and investors for your particularly kind consideration.

Regarding the comprehensive results for our group during previous fiscal year, although the fuel cost adjustment system allowed an increase in revenue due to increased collection of electricity charges, a substantial increase in raw material costs due to rising fuel prices resulted in our first negative earnings since adopting consolidated settlement of accounts.

When we consider anew the situation in which our group finds itself, it is clear that the severity of our business environment is increasing due to significant fluctuation in fuel prices, such as crude oil and coal, and the effects that the drop in domestic production caused by the stagnant global economy have had on the consumption of electricity. Further, we are feeling pressure to ensure the stability of long-term energy and find solutions to worsening global environmental problems.

We will further our efforts for thorough cost reductions throughout the entire group to improve earnings as soon as possible, and increase efficiency in all operations throughout the entire company while moving forward with the development of demand for electricity.
At the same time, in order to completely resolve a mountain of business challenges and ensure stable profits for the future, we are also steadily moving forward with a mid- to long-term perspective toward the strengthening of our operating foundations regarding both facilities and personnel, which will be the source of our competitive edge in the future. Such measures will include the development of new nuclear power stations and preventive maintenance to improve the availability of existing nuclear power stations, and passing on technologies and skills that support the electric power industry.
Further, Japan has committed to a mid-term goal for reducing CO2 emissions, and our group will make maximum efforts to achieve a low-carbon society through the development of new nuclear power stations, effective use of renewable energy such as the development of large-scale photovoltaic power generation, promotion of efficient use of electricity, and promotion of the widespread use of high-efficiency equipment through programs such as EcoCute.

The keywords for the "a Five-Year Group Management Vision" formulated in March of last year are "trust", "creation", and "growth". We will continue to grow while creating new value with the skills and technical capabilities of each individual employee in the group, based on the trust we receive from our stakeholders. In doing so, we will meet the expectations of our stockholders and investors. We thank you and look forward to your continued support and cooperation.