INTEGRATED REPORT
2025
The Hokuriku Electric Power Group
CSR & Financial Report
This English translation is provided for reference purposes only, for use with the original Japanese version of the Hokuriku Electric Power Group's 2025 Integrated Report. In the event of any discrepancies between the original Japanese version and this English translation, the original Japanese version shall take precedence.
TOYAMA ISHIKAWA
Building an Affluent, Lively Hokuriku through Power and Intelligence
KAMIOKA FUKUI
INTEGRATED REPORT 2025 1
Providing the Energy To Light the Future Of the Region
Hokuriku Electric Power Company ／ Hokuriku Electric Power Transmission & Distribution Company ／ The Nihonkai Power Generating Company, Inc. ／ Hokuriku Lnes Co., Ltd. ／ Kaga Furusato Denki Co., Ltd. ／ Kurobegawadenryoku Company Limited. ／ Toyama Kyodo Jikahatsuden Co., Ltd ／ Kanazawa Energy Co., Ltd. ／ Fukui City Gas Co., Ltd. ／ Nanto Energy, Inc. ／ Himi Furusato Energy, Inc. ／ Nyuzen Marine Wind LLC. ／ Sendai-ko Biomass Power GK ／ Echizen Yoshinosegawa Suiryoku LLC ／ Hokuriku Plant Services Co., Ltd. ／ Nihonkaikenko Corporation. ／ Hokuden Techno Service Co., Ltd. ／ Hokuriku Electric Construction Co., Ltd. ／ Nikken Corporation ／ Hokuden Engineering Consultants Co., Ltd. ／
Hokuriku Electric Power Biz Energy Solutions Co., Ltd. ／ Scairt Co., Ltd. ／ Kanbara Equipment Engineering Co., Ltd. ／ Nakayama Construction Inc. ／ Seven Pride Co., Ltd. ／ Oyama First, K.K ／ Hokuriku Telecommunication Network Co., Inc. ／
Power and IT Company ／ Hokuden Information System Service Company, Inc. ／ Emori Infotech Management Co., Ltd. ／ Emori Infotech Corporation Co., Ltd. ／ Emori Infotech Co., Ltd. ／ Japan Chemical Database Ltd. ／ Emori IT & Logistics Systems Co., Ltd. ／ ITS Corp. ／ Brain Co., Ltd. ／ Accendi Inc. ／ Cable Television Toyama Incorporated ／ Nihonkai Environmental Service Inc. ／ Japan Ecology and Security Service Company ／ Hokuriku Electric Power Business Investment G.K. ／ Hokuden Sangyo Co., Ltd. ／ Hokuden Sangyo Komatsu Building G.K. ／ Hokko Shoji Co., Ltd. ／ Hokuriku Electric Power Living Service Co., Ltd. ／ Hokuden Partner Service Inc. ／ Hokuriku Electric Power With Smile Company ／ FreDelish Co., Ltd. ／ Blue Sky Co., Ltd. ／
Hokuhaidengyou Co., Ltd. ／ Fukuden Kogyo Co., Ltd. ／ Nihonkai Concrete Industries Co. ／ Hokuriku Instrumentation Co., Inc. ／ Hokuriku Electric Co., Ltd. ／ Hokuriku Energys Corporation ／ Hokuriku International Investment, Inc. ／ F3 Holding Company B.V. ／ F3 O&M Company Ltd ／ National Carbon Technologies-California, LLC ／ Formosa Seagull Power Investment Co., Ltd. ／ PT. Awina Rikudenko Solar Engineering Indonesia ／ Sun-eee Pte. Ltd.
INTEGRATED REPORT 2025 2
CONTENTS
About the Hokuriku Electric Power Group
4 Overview of the Hokuriku Electric Power Company and
the Hokuriku Electric Power Transmission & Distribution Company
5 History of the Hokuriku Electric Power Company
Message from the President
6 Message from the President of the Hokuriku Electric Power Company
Materiality
8 Hokuriku Electric Power Group Materiality（Key Issues）
9 Strengths of the Hokuriku Electric Power Group
The Value Creation Process
10 The Value Creation Process of the Hokuriku Electric Power Group
11 Hokuriku Electric Power Group Management Policies
New Mid-term Business Plan
13 Operating Results for the New Mid-term Business Plan Period
15 Pillar I: Ensuring a Stable Supply, Improving the Financial Balance, and Strengthening the Financial Base
23 Message from the Director of Corporate Planning and Accounting
26 Pillar Ⅱ: Working with Local Communities to Promote Decarbonization
41 Pillar Ⅲ: Expansion of New Business Domains for Sustainable Growth
48 Strengthening of Efforts to Support Our Business Foundation
External Officer Interviews
61
62
ESG
63
Interview with an External Director
Interview with an External Audit & Supervisory Board Member
Efforts Related to Environmental, Social, and Corporate Governance Issues
E
Environmental Efforts
64 Action on Climate Change and Biodiversity（TCFD/TNFD Proposal Compliance）
68 Active Efforts toward Environmental Conservation
S
Social Efforts
71 Coexisting with the Local Community
G Governance Efforts
73 Maintaining the Corporate Governance System
Data
80 Financial and Business Information
82 Environmental, Social, and Governance-related Information
86 Reference: Independent Evaluation Main Assessments
Special Report
21 Special Report: Efforts Following the 2024 Noto Peninsula Earthquake
47 Special Report: Strengthening the Framework to Promote Group Management and Alliances
Editorial Policy
Since FY 2006, the Hokuriku Electric Power Group has published CSR reports in order to share information on our way of thinking, policies on our efforts, and activities underway, regarding corporate social responsibility.
Starting in FY 2019, we have combined our financial and non-financial information into a single Integrated Report, so that all of our stakeholders can learn about the Group's efforts toward mid-to-long-term value creation.
Through this report, we hope to improve readers'understanding of the Group's efforts and attitude, and we hope to further improve two-way communication with everyone involved.
Reference Guidelines, etc.
International Integrated Reporting Framework by the Value Reporting Foundation（VRF, formerly IIRC）
Guidance for Integrated Corporate Disclosure and Company-Investor Dialogues for Collaborative Value Creation by the Ministry of Economy, Trade, and Industry
Recommendations by the Task Force on Climate-related Financial Disclosures（TCFD）
Proposal from the TNFD（Task Force on Climate-related Financial Disclosures）
Publication Date: September 2025
Scope of Report: Companies belonging to the Hokuriku Electric Power Group Period Covered by Report: April 1, 2024 to March 31, 2025
（Portions of the report may also include information from outside this period）
Contact: Corporate Planning Department, Hokuriku Electric Power Company 15-1 Ushijima-cho, Toyama-shi, Toyama 930-8686 Japan
Tel: +81-76-441-2511（main line） • Fax: +81-76-405-0103 E-mail: csr-seikyuu@rikuden.co.jp
A Note on Forecasts
All Group plans, strategies, sales estimates, and other information printed in this report involving forecasts of the future are based on information available at the time of writing, and carry a degree of potential risk and uncertainty. As a result, please note that changes to economic conditions, market trends, revisions to related laws and regulations, and other factors may cause the Group's actual results and business environment to differ from as shown in this report.
INTEGRATED REPORT 2025 3
About the Hokuriku Electric Power Group
Corporate Profile
Message
from the President Materiality
The Value Creation Process
New Mid-term Business Plan
External Officer
Interviews ESG Data
Overview of the Hokuriku Electric Power Company and
the Hokuriku Electric Power Transmission & Distribution Company
Shika Nuclear Power Station Unit 1 540,000 kW
Unit 2 1,206,000 kW＊
Nanao Ohta Thermal Power Station Unit 1 500,000 kW（Coal）
Unit 2 700,000 kW（Coal）
Toyamashinko Thermal Power Station Coal Unit 1 250,000 kW（Coal, heavy oil） Coal Unit 2 250,000 kW（Coal, heavy oil） Unit 1 240,000 kW（Heavy oil, crude oil）
Unit 2 500,000 kW（Heavy oil, crude oil, LNG）
LNG Unit 1 424,700 kW（LNG）
Hokuriku Electric Power Company
Major Power Supply Facilities（As of March 31, 2025）
Toyama Thermal Power Station
Main business: Head office location:
Date of establishment:
Generation and sales of electricity
15-1 Ushijima-cho, Toyama-shi, Toyama Prefecture
May 1, 1951
Unit 4 250,000 kW（Heavy oil）
Arimine No. 2
123,000 kW
Wadagawa No. 2
Capital:
117.641 billion yen
Transmission line（275 kV）
Fukui Thermal Power Station
Mikuni Unit 1 250,000 kW（Heavy oil）
Arimine No. 1
122,000 kW
Company representative: Koji Matsuda, Executive President and Representative Director
Tedorigawa No. 2
89,500 kW
265,000 kW
Total Assets＊: Sales＊:
Ordinary Income＊: Net Income＊:
1,859,830 million yen（1,707,327 million yen） 858,275 million yen（773,641 million yen） 91,363 million yen（60,309 million yen） 65,148 million yen（43,503 million yen）
＊ If operated with turbine straightening vane installed.
Tsuruga Thermal Power Station Unit 1 500,000 kW（Coal）
Jinzugawa No. 1
86,800 kW
＊ Consolidated figures for FY 2024 or as of March 31, 2025, are shown. Figures in parentheses are nonconsolidated figures.
Major Shareholders （As of March 31, 2025）
Name | Number of Shares Held（thousands of shares） | Investment Ratio（％）＊ |
The Master Trust Bank of Japan, Ltd.（Trust Account） | 23,893 | 11.4 |
Toyama Prefecture | 11,270 | 5.4 |
Hokuriku Electric Power Company Employee Stock Ownership | 8,185 | 3.9 |
The Hokuriku Bank, Ltd. | 7,700 | 3.7 |
Custody Bank of Japan, Ltd.（Trust Account） | 7,063 | 3.4 |
QR Investment Co., Ltd., a QR2 Fund Limited Liability Investment Partnership Unlimited Liability Partner | 6,100 | 2.9 |
Yoshiaki Ota | 3,627 | 1.7 |
Nippon Life Insurance Company | 3,555 | 1.7 |
Mizuho Bank, Ltd. | 3,341 | 1.6 |
The First Bank of Toyama, Ltd. | 2,740 | 1.3 |
＊ Investment ratio is calculated after deducting treasury shares.
Unit 2 700,000 kW（Coal）
Hokuriku Electric Power Company
Overview （As of FY 2024 or March 31, 2025）
Power-generating Facilities
Hydro power Thermal power Nuclear power Photovoltaic Total
Total Electricity Sales Volume
Distribution Facilities
Total Length of Distribution Lines
Power-generating Facilities
Thermal power
Number of Power Stations
131
5
1
4
141
Retail
24,243 GWh
31,919 GWh
Overhead
3,196 km
Number of Substations
260
Overhead
42,074 km
Number of Power Stations
1
Capacity
1,942 MW
4,565 MW
1,746 MW＊1
4 MW
8,257 MW
Wholesale＊2
7,676 GWh
Total＊2
Transmission Facilities
Total Length of Transmission Lines
Transformation Facilities
Underground 166 km Capacity 32,762 MVA
Underground
1,607 km
Capacity
288 kW
Hokuriku Electric Power Transmission & Distribution Company
Hokuriku Electric Power Transmission & Distribution Company
Main business: Head office location:
Date of establishment: Capital:
Company representative:
Power Transmission and Distribution
15-1 Ushijima-cho, Toyama-shi, Toyama Prefecture April 1, 2019（Operation commenced on April 1, 2020） 10 billion yen
Kazuya Tanada, Executive President
＊1 Estimation based on the assumption that Shika Nuclear Power Station Unit 2 is operated with turbine straightening vane installed.
＊2 Due to rounding, the total figure may not exactly equal the sum of the individual figures.
INTEGRATED REPORT 2025 4
About the Hokuriku Electric Power Group
History of the Hokuriku Electric Power Company
Message
from the President Materiality
The Value Creation Process
New Mid-term Business Plan
External Officer
Interviews ESG Data
History of the Hokuriku Electric Power Company
The Hokuriku Electric Power Company was established in 1951, built on a foundation of the Toyama Electric Light Company, established in 1898 as the Hokuriku region's first electric power company, and other locally-capitalized electric power companies. In May 2021, we celebrated our 70th anniversary.
Establishment of the Hokuriku
1951 Electric Power Company
As a company established with the backing of the regional community, including industrial and economic circles, we have developed alongside the Hokuriku region by ensuring a stable supply of low-cost, high-quality energy, keeping coexistence and co-prosperity with the region in mind as our fundamental management philosophy, while aggressively undertaking projects such as the development of power sources. We will continue to make progress together with the region, and strive to contribute to the resolution of social issues, including the realization of carbon neutrality.
The Beginning of the Electricity Business in the Hokuriku Region ̶ the Roots of the Hokuriku Electric Power Company
1951
Establishment of the Kyoto Electric
1899 Light Company Fukui Branch
Establishment of the Hokuriku
1941 Joint Electricity Company
1898
Establishment of the Toyama Electric Light Company and the Kanazawa Electricity Company
A number of electric power companies, including the Toyama Electric Light Company, were established in Hokuriku. Electric power resources were developed, capitalizing on the area's plentiful water resources. The low-cost electricity generated by hydropower allowed the area to develop industries, attracting industries that are heavy consumers of power, such as the steel and carbide industries, as well as the textile industry.
Okubo Power Station of the Toyama Electric Light Company
Completed in 1899
Fushiki Industrial Area (Toyama Prefecture)
Shosaku Yamada（later the first president of the Hokuriku Electric Power Company） approached electric utility companies in Hokuriku, and 12 companies voluntarily consolidated, establishing a unified electricity business in the Hokuriku region.
Shosaku Yamada
When Japan's power supply framework was discussed during and after the war, the initial plan suggested that the whole country should be divided into eight blocks, with the Hokuriku area merged into the Chubu area.
However, Shosaku Yamada, with the support of the local business community, strongly emphasized the unique distinctiveness of Hokuriku and persistently persuaded the national government, which led to approval for the Hokuriku area's independence.
The Hokuriku Electric Power Company has contributed to the development of the Hokuriku region through the stable supply of low-cost, high-quality energy, while diversifying power sources in line with the needs of the times. During the high economic growth period, the company supported the strong demand for electricity by developing thermal power sources, as well as developing hydroelectric power in the Arimine area, taking advantage of the region's abundant water sources. The company's other efforts in this regard include ensuring energy security following the experience of the oil crises, and decarbonizing from power generation to help address global warming.
31.9
billion kWh
Amount of Total Electricity Sales
2.1
billion kWh＊
1951
2024
Today
1954
1964
1981
1991
2006
2012
2018
Jinzu River No. 1 Power Station
（Hydro Power）
Toyama Thermal Power Station Unit 1 Arimine No. 1 Power Station
（Hydro Power）
Tsuruga Thermal Power Station Unit 1
Shika Nuclear Power Station Unit 2
Mikuni Photovoltaic Power Station
LNG-fired Unit 1 of Toyamashinko Thermal Power Station
＊ Retail electricity sales in the Hokuriku area
INTEGRATED REPORT 2025 5
About the Hokuriku | Message | The Value Creation | New Mid-term | External Officer | |||
Electric Power Group | from the President | Materiality | Process | Business Plan | Interviews | ESG | Data |
Message from the President
By establishing and sharing the knowledge gained through efforts following disasters, we will work toward sustainable development and recovery, as a unified Group, together with the Hokuriku region through 3C（Change, Chance, Challenge）.
Pledge for Recovery
The January 1, 2024 Noto Peninsula Earthquake caused extensive damage across a wide area of the Hokuriku region, primarily in the Noto area. Moreover, while the impact of this earthquake remained significant, record-breaking torrential rains struck Wajima, Suzu, and surrounding areas in September, causing river fiooding and landslides. Once again, we would like to express our deepest condolences to those who lost their lives in these disasters, and our heartfelt sympathy to all those affected by these disasters.
Immediately after the earthquake, the entire group united under the slogan"Together as One for Noto,"and worked together to assess the damage and restore power supply, with support from our partner companies and other electric power companies. This slogan has served as the driving force not only for the initial restoration efforts following the earthquake, but also for subsequent recovery support activities. As for myself, I visited Shika and Wajima last year, and participated in volunteer activities, such as scooping mud out of ditches, alongside our employees and individuals from other companies who shared our commitment. As I witnessed the harsh reality firsthand, I also saw people moved to tears as lights came back on, bringing them great relief, and I learned of the people's feelings toward the electricity that supports their lives and industries; I was strongly reminded once again of our own mission as an electric utility ̶ to deliver power as soon as possible ̶ and of our duty to contribute to the recovery of the Hokuriku region.
I strongly pledged: as a comprehensive energy business operator rooted in the Hokuriku region, we shall not only ensure a stable supply of electricity and restore facilities, but also take the recovery of affected areas as our own matter, working closely with the community and doing everything that the Group can do to the utmost.
Koji Matsuda
Executive President and Representative Director Hokuriku Electric Power Company
INTEGRATED REPORT 2025 6
About the Hokuriku | Message | The Value Creation | New Mid-term | External Officer | |||
Electric Power Group | from the President | Materiality | Process | Business Plan | Interviews | ESG | Data |
FY 2025 Action Plan: The Halfway Point of the New Mid-Term Business Plan
We are now in the third year since the announcement of the Hokuriku Electric Power Group New Mid-term Business Plan（FY 2023‒2027）（hereafter, the"New Mid-term Business Plan"）, which prioritizes ensuring a stable supply, improving our financial results, and strengthening our financial base. Our efforts during the first two years, including streamlining without exception, maximizing supply-demand balance, and improving productivity, as well as revising electricity rates, which was a difficult decision, enabled us to achieve consolidated ordinary income exceeding the financial target（at least ¥45 billion）in the FY 2024 financial results. The consolidated equity ratio reached 20.5%, achieving the minimum level of 20% necessary for stable supply, giving us a sense of accomplishment.＊
In February of this year, the Seventh Strategic Energy Plan and the GX 2040 Vision were approved by the Cabinet. This decision clarified the position of nuclear power while maintaining the policy of making renewable energy the main power source, from the perspective of achieving both stable supply and decarbonization, in light of the anticipated increase in electricity demand driven by the advancement of digital transformation（DX）and green transformation（GX）. I hope that we will further accelerate our efforts in our three pillars of management while fiexibly responding to changes in the business environment surrounding the Group, toward realizing a carbon-neutral society and achieving the Hokuriku Electric Power Group's Future Vision for 2050.
This year marks the halfway point of our New Mid-term Business Plan, and is a key year to realize and achieve this plan as soon as possible. To this end, we have established the FY 2025 Action Plan with three points for strengthening, while maintaining the three pillars of management.
Strengthening of Resilience in Both Human and Facility Aspects Based on Disaster Experience, and Establishment and Nationwide Sharing of Knowledge along with Contribution to Regional Recovery: in January of this year, we announced four electricity rate plans under the name of the"Together as One"Electricity Rate Plans to Support the Recovery from the Earthquake Disaster, to encourage efforts toward recovery in the affected areas; since their implementation in April, we have already received many applications. Other initiatives include disposing of disaster debris at thermal power stations and developing interlocking blocks using waste glass from solar panels and roof tiles damaged in the disaster, to address regional issues from various angles as part of our recovery efforts. In addition to the physical and structural aspects of restoring damaged facilities, we also consider providing human and social measures, such as logistical support, to be important. In this respect, we will work to establish within the Group the knowledge acquired through activities following the disasters, and share it with relevant organizations nationwide, in order to help the Hokuriku region and the entirety of Japan to become more resilient.
Solidification of Foundation for Stable Supply, and for Decarbonization Including the
Development and Utilization of New Power Sources: in order to achieve carbon neutrality while ensuring both stable supply and decarbonization, we will shift into a higher gear to advance our steady efforts for the new construction of the LNG-fired Unit 2 of Toyamashinko Thermal Power Station（announced this April）and toward the early restart of Shika Nuclear Power Station Unit 2, while reassuring local residents, with the aim of solidifying the foundation for future power sources.
Further Increase in Profits and Expansion of Equity Capital: taking changes in the business environment as opportunities, we will work to provide new value and services, expand our business domains through group-wide efforts, and improve work efficiency by utilizing AI and other means, in order to strengthen our initiatives to increase group profits and streamline management.
Efforts to Support Our Business Foundation: Deepening a Corporate Culture That Values People
At the Hokuriku Electric Power Group, we believe that human resources are the driving force behind enhancing corporate value, and are irreplaceable assets. In order to enable employees to demonstrate their full capabilities, we are working to establish systems to allow for diverse and fiexible work styles and to promote Diversity, Equity, and Inclusion. These efforts have led to positive outcomes such as the continued achievement of 100% of eligible male employees taking childcare leave, and our ongoing certification as one of the"White 500"enterprises under the Recognition Program for the Outstanding Organizations of KENKO Investment for Health. In addition, we will continue to actively advance human capital management through such measures as implementing events in which employees and the company can work together as one, aiming to improve employee fulfillment and engagement and foster a sense of unity within the organization.
Furthermore, we promote the development and improvement of environments where every individual can work with hope, including ensuring and strengthening compliance, and we will further solidify the foundation supporting our efforts for the three pillars of our management.
Message to the Stakeholders
While the business environment surrounding the Group has been changing, our mission to provide a stable supply of electricity to the Hokuriku region remains the same. Moving forward, we will strive to continue growing as a future-oriented corporate group, and in order to achieve our corporate philosophy,"building an affiuent, lively Hokuriku through power and intelligence,"we will further promote our 3C approach ̶"Even in the midst of severe CHANGE, we must leap upon this CHANCE, and fearlessly take on each CHALLENGE"̶ while working diligently to further enhance our corporate value and contribute to the Hokuriku region.
I would like to express my sincere gratitude to all our stakeholders, whose continued support of the Group's business activities is greatly appreciated. Thank you very much.
＊ On October 30, 2025, financial targets in the Hokuriku Electric Power Group New Mid-term Business Plan (FY 2023‒2027) were revised, as follows:
consolidated ordinary income to ¥55.0 billion or more (cumulative total for the three-year period from FY 2025 to FY 2027: ¥180 billion or more), consolidated equity ratio to 25% or more (by the end of FY 2027), and consolidated return on equity to 8% or more.
INTEGRATED REPORT 2025 7
About the Hokuriku | Message | The Value Creation | New Mid-term | External Officer | |||
Electric Power Group | from the President | Materiality | Process | Business Plan | Interviews | ESG | Data |
Hokuriku Electric Power Group Materiality（Key Issues）
Every year, Hokuriku Electric Power Group analyzes the business environment and conditions both domestic and foreign in order to identify key risks and opportunities. We then evaluate these findings from the viewpoint of the Group and stakeholders in a meeting of the board to determine materiality.
Analyze the business environment
surrounding the Group
Organize the risks and opportunities
surrounding the business
Evaluate the importance of the findings from
the viewpoint of the Group and stakeholders
Determine Materiality（key issues）
Materiality determined by the Board of Directors
Materiality（key issues）
Changes in the Business Environment
Risks and Opportunities Surrounding Our Business
Strengthening of Efforts
to Support Our Business Foundation
Expansion of New Business Domains for
Sustainable Growth
Working with Local Communities to Promote
Decarbonization
Ensuring a Stable Supply, Improving the Financial Balance, and Strengthening
the Financial Base
Diversification of Values
（Sustainability, diversified lifestyles）
Changes to the Structure of Society
（Shrinking and aging population）
Progress in Technological Reforms
（AI, IoT, EV, etc.）
Changes in the Business Environment
The Seventh Strategic Energy Plan and the GX 2040 Vision were formulated
Increased electricity demand for digital transformation (DX) and green transformation (GX)
Promotion of decarbonization efforts, such as making renewable energy a major power source
Clarification of the positioning of nuclear power
Intensified Competition in the Electric Power Business Environment
Medium- to Long-Term Trends of Change in Business Environment
Progress in Electricity System Reform
（Competition intensified following the full liberalization of the retail market）
Increased Environmental Awareness
（Carbon Neutrality by 2050）
Change in the Business Environment
Status of Group Initiatives
Knowledge gained, and the Group's DNA and roles reaffirmed, through activities following the Noto Peninsula Earthquake
Financial base recovered
Efforts toward decarbonization and new business initiatives are underway
The Process of Determining Materiality
Category
Risks
Opportunities
Stable Supply
（pushing forward toward restarts, reexamining regulations for operating lifetimes, constructing/expanding/renovating facilities）
Enhancing Competitiveness
Business Domain Expansion
Strengthening of Business Foundation
Prolonged shutdown of Shika Nuclear Power Station（Includes effects of 2024 Noto Peninsula Earthquake）
Increased burden of grid congestion management and lack of reserve capacity due to large amount of renewable energy system interconnection and reduction of thermal power sources
Soaring and increasingly volatile fuel and wholesale electricity market prices, and a worsening energy procurement environment（including factors such as stricter environmental regulations leading to reduced investment in resource development, fuel shortages caused by increased demand in emerging countries, and instability in regions such as the Middle East and Ukraine）
Unscheduled shutdowns of coal-fired and other power generation facilities
Power facility problems due to large-scale natural disasters, such as typhoons and earthquakes, becoming increasingly severe
Aging of power generation, transmission, and distribution facilities; securing construction capability
Shortages of materials, equipment, and labor due to aggressive capital investments on a nationwide scale
Improved performance of equipment due to technological innovations
Acceleration of discussions on the maximum use of nuclear power
Realization of next-generation power transmission and distribution networks through distributed grids
Potential resolution of grid congestion through the creation of demand for electricity, such as attracting businesses
Decrease in electricity demand due to population declines, deteriorating economic conditions, etc.
Tighter environmental regulations toward carbon neutrality by 2050（Fade-out of coal-fired power, carbon pricing［carbon levies, emissions trading］）
Expansion of renewable energy sources (distributed energy, increased utilization of self-generated power in the home) leading to decreases in electricity sales, declines in wholesale electricity market prices, degradation of power quality, declines in the superiority of large-scale power sources, and revision of grid formation and grid utilization rules
Degradation of the value of our renewable energy sources（revisions to RE100 rules, etc.）
Decreased hydroelectric power generation due to lower precipitation levels
Consistent lack of reserve capacity, and soaring prices, due to institutional challenges in the supply and demand adjustment market
Rising material and equipment procurement costs and construction costs, due to rising personnel expenses and soaring commodity prices
Depreciation of the Yen due to trends in Japan-U.S. interest rate differentials and higher domestic interest rates due to a reduction in monetary easing and other factors
Increased advantages of nuclear power generation and renewable energy
Government policies to promote carbon neutrality（Public-private Green Transformation investment policy with investments totaling roughly 150 trillion yen, support for hydrogen and ammonia, and support measures related to nuclear power generation including back-end processes）
Cost recovery through utilization of various markets（Non-fossil fuel energy value trading market, capacity market, Long-term Decarbonization Auction）
Various forms of added value to be produced based on diversified customer needs（energy savings, decarbonization, etc.）
Additional demand for electricity due to progress in electrification, increased adoption of electric vehicles, and expansion of data centers and generative AI
Creation of new business models, such as energy management services with storage batteries and other equipment
Growing needs for disaster prevention and mitigation within society
Delayed investment decisions resulting in loss of profit opportunities
Country risks associated with overseas operations（foreign exchange, geopolitical risks）
Expansion of business opportunities by solving issues such as SDGs and local issues
Increasing demand for electricity in Asia and other overseas markets
Productivity improvement and new business creation through the utilization of digital technologies
Worsening balance of income and expenditures due to ballooning recovery costs following the 2024 Noto Peninsula Earthquake
Obsolescence of business models due to technological innovations and other changes in the business environment
Deteriorating perceptions of companies reluctant to address climate change
Decline in social trust caused by a breach of business ethics
Delay in developing specialists, resulting in loss of business opportunities
Halted business operations due to cyber attacks
Lagging productivity and efficiency due to lack of awareness of, and delayed response to, digital transformation（DX）
New value creation through the utilization of diverse human resources
Productivity improvement through the progress of digital transformation and work style reforms
Increased certainty of network cost recovery under the revenue cap system
About the Hokuriku
Message
The Value Creation
New Mid-term
External Officer
Electric Power Group
from the President
Materiality
Process
Business Plan
Interviews
ESG
Data
Strengths of the Hokuriku Electric Power Group
The Group aims to leverage the strengths and management resources that it has developed since its establishment, to create new value for society and achieve further growth for the Group.
Stable and Competitive Electricity Business
Stable Supply of Electricity
We can achieve stable power supply from the perspective of"S（safety）+ 3E's（energy security, economic efficiency, and environmental sustainability）."We generate electricity by combining power sources in a balanced manner that leverages their respective characteristics. We also utilize our long-established expertise in facility maintenance and operation, along with advanced grid operation technology.
High Ratio of Hydroelectric Power Generation Taking Advantage of Abundant Water Resources
As a result of developing power stations by leveraging the abundant water resources of the Hokuriku region
Total Power Station Output 8,257MW
Number of Power Stations 141
Supply Reliability
0.29
System Average Interruption Frequency Index
interruptions
Our Power Source Mix
23
Hydroelectric Power
%
Abundant Water Resources
No. of Hydroelectric Power Stations 131
Capacity 1,942 MW
Hydroelectric Power Generation Ratio 23％
（Proportion of electricity generated by hydropower relative to total electricity generation）
Increase in hydroelectric power
and the expertise and knowledge we have gained, our hydroelectric power generation ratio is the highest among the former general electric utilities. We will continue to work to increase hydroelectric power generation by constructing new power stations and repowering existing ones.
（per customer）
Note: These figures represent the results for the Hokuriku Electric Power Company and the Hokuriku Electric Power Transmission & Distribution Company as of March 31, 2025.
generation
90 GWh/year
（Compared to FY 2018）
Business Operations Based in the Hokuriku Region
Since its establishment in 1951, the Hokuriku Electric Power Company has taken responsibility for stable supply in the Hokuriku region and has developed in tandem with the region through our business activities.
We have also actively participated in activities to contribute to the region, building a strong network with all
No. of Comprehensive Partnership Agreements Signed
45municipalities
（as of March 31, 2025）
269 37Participation in Local Events Aimed at
PPS Shares （as of March 2025）
35%
30%
25%
20%
14.8
17.2
17.5
17.8
30.0
kinds of stakeholders, including our customers, business partners, local governments, and local companies. We have been striving to offer higher-value-added services leveraging our position as a company with roots
Regional Revitalization
15%
10%
8.6%
10.8
11.8
13.2
14.1
in the region, such as proposals to help customers save energy costs（for corporate customers）, as well as combined value sets and shared use of points through tie-ups with other companies（for household
A total of
employees in
events
（FY 2024）
5%
0%
Hokuriku Region
Region
Region
Region
Region
Region
Region
Region
Region
Hoku-Link Membership
Region A
B C D E
F G H I
customers）. As a result, the share of new power producers and suppliers（PPSs）in the Hokuriku region remains lower than the national average.
The Group's Collective Strength and Human Resource Capability
654 thousands of members
No. of Group Companies 62
Source: Compiled based on data from the Electricity and Gas Market Surveillance Commission's
Electricity Transaction Report
＊ PPSs do not include former general electric utilities outside relevant service areas, but do include subsidiaries of former general electric power suppliers.
＊ Shares are calculated based on electricity sales volume
Business Fields Operated by the Group
recycling services.
Environment & Recycling
2 companies
The Group engages in businesses in diverse fields through Group companies, including not only energy but also information and communications, manufacturing, lifestyle and office solutions, and environmental and
（as of March 31, 2025）
Total Energy
Electricity & Engineering
14 companies
12 companies
No. of Group Employees
8,162Information & Telecommunications 12 companies
This enables us to meet our customers'diverse needs, as well as to provide new services by leveraging the
Daily Life, Offices, and Finance 11 companies
There are also many talented individuals with advanced expertise and skills essential for stable supply
expertise of each Group company and through mutual collaboration among them.
（Hokuriku Electric Power Company and Hokuriku Electric Power Transmission & Distribution Company）
No. of Holders of Key Certifications* 481
Manufacturing
4 companies
of electricity.
Overseas Business 7 companies
＊ Essential and highly challenging official certifications required for operating electricity businesses, such as Chief Electrical Engineer（second class or higher）and Chief Engineer of Power Reactors
About the Hokuriku Electric Power Group
Message
from the President Materiality
New Mid-term Business Plan
External Officer
Interviews ESG Data
The Value Creation Process
The Value Creation Process of the Hokuriku Electric Power Group
We shall leverage our strengths and management resources to create new value for society, solving local issues and leading to further Group growth.
INPUT Source of Value
Business Environment/ Corporate Philosophy and Business Activities
OUTPUT Services Provided
Consolidated No. of Employees No. of Holders of Key Certifications
8,162
481
Intellectual Capital
Experience and know-how in developing power generation
sources and ensuring safe and stable operation
Know-how in operating power transmission and distribution facilities
No. of Patents
87
Social and Relationship Capital
The Trust of the Region Hoku-Link Membership
73 years since our establishment 654 thousands of members
Natural Capital
Power Generation Fuels
Fossil fuels (5.579 million tons of coal＊2,133,000 kiloliters of heavy oil,
Water for Power Generation＊3 Hydroelectric Power Generation
430,000 tons of LNG)
Wood Biomass＊2 140,000 tons
Water Intake Volume for
6.061million ㎥ 38,
350 million ㎥
（No. of Hydroelectric Power Stations）
Financial Capital
Consolidated Total Assets Consolidated Equity Ratio
¥1,859,830 Million
20.5 ％
Manufactured Capital
Total Power Station Output Number of Power Stations Abundant Water Resources
8,257 MW
141
Human Capital
131
Total Length of Total Length of
Distribution Lines
43,681ｋｍ 3,362ｋｍ
Transmission Lines
No. of Group Companies
62
Competitive Advantages & Strengths
The Hokuriku Electric Power Group Philosophy
Stable and Competitive Electricity Business
Business Operations Based in the Hokuriku Region
The Groupʼ s Collective Strength and Human Resource Capability
Building an Affluent, Lively Hokuriku through Power and Intelligence
Electricity Business
Carbon Neutrality Services Next-generation Energy Management Business
Capital Invested＊1
P80-85
Hokuriku Electric Power Group New Mid-term Business Plan
（FY 2023 ‒ 2027）
The Hokuriku Electric Power Group New Mid-term Business Plan incorporates the determined materialities.
Digital Life Support Business Regional Development Business
OUTCOME
Value Delivered to Stakeholders
Ensuring a Stable Supply, Improving the Financial Balance, and Strengthening the Financial Base
CO2 Emissions
（Compared to FY 2013）
Natural Capital
Financial Capital
Consolidated Ordinary Income ¥55.0 billion or higher＊
（based on retail electricity sales volume）
Change of 50 % or Higher
（by FY 2030）
P26
Cumulative total for FY 2025‒2027（three-year period）: at least ¥180 billion
Consolidated Equity Ratio 25 % or Higher＊（as of the end of FY 2027）
Consolidated Return
on Equity（ROE）
8 % or Higher＊
P11
Working with Local Communities to Promote Decarbonization
Expansion of New Business Domains for Sustainable Growth
＊On October 30, 2025, financial targets in the Hokuriku Electric Power Group New Mid-term Business Plan (FY 2023‒2027) were revised.
P51-58
Promotion of Women in Active Roles, Diversity, Equity, and Inclusion（DE&I）
Promotion of Health-conscious Management and Development
of Human Resources
Male Employees Taking Child-care Leave100 %
Percentage of
（Compared to FY 2018）
Ratio of Non-fossil Sources（based on electricity generated） 50 % or Higher（by FY 2030）
Amount of Power Outages No More than 6.7 MWh/year（average from FY 2022 through FY 2027）
（Including low-voltage electric power customers experiencing power outages due to endogenous factors）
Renewable Energy Development Amount 1 million kW or higher（3.0 billion kWh/year or higher）（by the early 2030s）
P26
Offering new value and services that meet our customers' and the community's needs
Human Capital
Social and Relationship Capital
Manufactured Capital
Strengthening of Efforts to Support Our Business Foundation
P43-46
The Hokuriku Electric Power Group 2030 Long-Term Vision
Close communication with stakeholders
P79
Related SDGs
Future Vision for 2050
P11-12
The Hokuriku Electric Power Group's Business Environment
2024 Noto Peninsula Earthquake
International affairs, domestic policies, technological innovation,
Future Vision for 2050
Connect, Support, and Deliver ̶ Working with Local Communities toward a Sustainable Smart Society
１ Creating a Society Friendly to People and the Environment with Decarbonization of Energy 2 Bringing Vibrant Communities to the Next Generation
socio-structural changes
3 Bringing Peace of Mind to Everyday Life through Connected Networks
4 Bringing Comfort to Peopleʼs Lives with Digital Technologies
＊1 Figures for FY 2024 or as of March 31, 2025. Any figures not specified as consolidated represent the results for the Hokuriku Electric Power Company and the Hokuriku Electric Power Transmission & Distribution Company.
＊2 Coal and wood biomass are weighed on a wet basis. ＊3 Water for power generation refers to water necessary for thermal and nuclear power stations.
About the Hokuriku Electric Power Group
Message
from the President Materiality
New Mid-term Business Plan
External Officer
Interviews ESG Data
The Value Creation Process
Further Increase in Profits and Expansion of Equity Capital
We will further work to strengthen our financial base, increase profits, and streamline management, in order to continue fulfilling our responsibilities.
3
Point
Strengthening of Foundation for Stable Supply and Decarbonization, Including the Development and Utilization of New Power Sources
We will continue to fulfill our responsibilities to meet social demands for stable supply and decarbonization into the future.
Point
2
Strengthening
Strengthening of Resilience in Both Human and Facility Aspects Based on Disaster Experience Establishment and Nationwide Sharing of Knowledge along with Contribution to
Regional Recovery
We will continue to fulfill our commitments as a responsible energy provider rooted in the region.
Strengthening
1
Point
Strengthening
FY 2025 Action Plan
Pillar I
Consolidated Equity Ratio 25 % or Higher ＊（as of the end of FY 2027）
Consolidated Return on Equity（ROE） 8 % or Higher ＊
Pillar Ⅱ/Pillar Ⅲ ■ Growth Investment Amounts ¥150 billion in a timely manner from FY2023 - 2027.
Shareholder We will continue to meet the expectations of our shareholders, through shareholder returns
Return Policy based on a sufficiently improved equity ratio, and by strengthening our financial base.＊
＊
(three-year period): at least ¥180 billion
Cumulative total for FY 2025‒2027
Consolidated Ordinary Income ¥55.0 billion or higher
Hokuriku Electric Power Group Management Policies
2023
2024
2025
2026
2027
2030 2050
The Hokuriku Electric Power Group 2030 Long-Term Vision
The Two Main Strategies of the Hokuriku Electric Power Group
Expanding Our
Future Vision for 2050
Connect, Support, and Deliver ̶
Working with Local Communities toward a Sustainable Smart Society
１ Creating a Society Friendly to People and the Environment
Hokuriku Electric Power Group
Comprehensive Energy Business Based
in Hokuriku
Cultivating New Growth Businesses
with Decarbonization of Energy
Bringing Vibrant Communities to the Next Generation
Bringing Peace of Mind to Everyday Life through Connected Networks
Bringing Comfort to Peopleʼ s Lives with Digital Technologies
New Mid-term Business Plan
（FY 2023 ‒ 2027）
E Environmental, S Social, and G Governance Perspectives
We have focused our priorities on Pillar I（Ensuring a Stable Supply, Improving the Financial Balance, and Strengthening the Financial Base）and set financial targets for each pillar.
We will continue contributing to the Hokuriku region, through investments in maintenance and replacement of the facilities necessary for stable supply, and strengthening of our financial base, as well as promotion of carbon-neutrality in the Hokuriku region and investments in growth businesses.
Status of Group Initiatives
Knowledge gained, and the Group's DNA and roles reaffirmed, through activities following the Noto Peninsula Earthquake
Financial base recovered
Efforts toward decarbonization and new business initiatives are underway
Changes in the Business Environment
The Seventh Strategic Energy Plan and the GX 2040 Vision were formulated
Increased electricity demand for digital transformation（DX）and green transformation (GX)
Promotion of decarbonization efforts, such as making renewable energy a major power source
Clarification of the positioning of nuclear power
Intensified Competition in the Electric Power Business Environment
The Three Pillars of Management and Their Financial Targets
Halfway Point of the New Mid-term Business Plan
Pillar I Pillar Ⅱ Pillar Ⅲ
Ensuring a Stable Supply, Improving the Financial Balance, and Strengthening the Financial Base
Working with Local Communities to Promote Decarbonization Expansion of New Business Domains for Sustainable Growth
We Accelerate Initiatives with a Focus on Three Strengthening Points
Financial Targets
Strengthening of Efforts to Support Our Business Foundation
＊ On October 30, 2025, financial targets in the Hokuriku Electric Power Group New Mid-term Business Plan (FY 2023‒2027) were revised.
About the Hokuriku | Message | The Value Creation | New Mid-term | External Officer | |||
Electric Power Group | from the President | Materiality | Process | Business Plan | Interviews | ESG | Data |
Hokuriku Electric Power Group Management Policies
2023 2024
2025
2026
2027
2030 2050
The Hokuriku Electric Power Group 2030 Long-Term Vision
Future Vision for 2050
Our Ideal Future State
Developing alongside
The Two Main Strategies
of the Hokuriku Electric Power Group
Expanding Our
We aim to be a leading problem-solving company that proactively addresses issues faced by the region, in cooperation with local governments and enterprises.
the Hokuriku Region, Creating New Value Nationwide and
Comprehensive Energy Business Based
in Hokuriku
Cultivating New Growth Businesses
Future Vision for 2050
Connect, Support, and Deliver ̶ Working with Local Communities toward a Sustainable Smart Society
Internationally
E Environmental, S Social, and G Governance Perspectives
１ Creating a Society Friendly to People and the Environment with Decarbonization of Energy
3 Bringing Peace of Mind to Everyday Life through Connected Networks
2 Bringing Vibrant Communities to the Next Generation
4 Bringing Comfort to Peopleʼs Lives with Digital Technologies
Initiatives toward 2050
We promote the following initiatives toward the realization of our future vision.
１ Creating a Society Friendly to People and the Environment with Decarbonization of Energy
Zero Emission Support
for Customers
（Renewable Power, Storage Batteries）
Support for New Work Styles and Moving & Child-rearing
Bringing Vibrant Communities to the Next Generation
We will take on the challenge of realizing carbon neutrality by 2050 through the following efforts: decarbonization of power sources by utilizing renewable energy as the major power source and other measures; increased sophistication of transmission and distribution networks to support the utilization of renewable energy as the major power source; promotion of electrification of lifestyles, mobility, etc.; and support for customers and the region to achieve
Promotion of Electrification
（Lifestyles, Mobility）
Decarbonization
Local Consumption of Locally Produced Energy
Smart
We will contribute to the creation of sustainable vibrant communities through the following efforts: support for new work styles, such as telework, and moving and child-rearing, taking advantage of our favorable access to Japan's three largest metropolitan regions and rich living environments; local consumption of locally produced energy by utilizing the region's rich natural resources; and development of smart
zero emissions through the popularization of renewable energy and storage
batteries, net zero energy houses/buildings, and other means.
We will support safe and secure communities through efforts including:
building next-generation electric power systems to support the 4 Ds
（decarbonization, decentralization, digitalization, and depopulation）and resilience improvement; providing support for the efficient operation of regional infrastructure that combines advanced communications networks and digital technologies such as big data, AI, and IoT; and providing safe
of Power Sources
（Renewable, Nuclear, Thermal）
Building Next-generation Electric Power
Systems
Enhancement of Group Strength
×
Initiatives for Innovation
to meet customers'needs
Communities
（Urban Development）
Regional Energy Management
（Virtual Power Plants）
communities by utilizing distributed resources.
We will contribute to comfortable lifestyles with the use of digital technologies through the following efforts: building a digital platform to enable one-stop services with electricity plus additional services to help improve customers'lives; supporting P2P trading of electricity with blockchain technologies; and implementing regional energy management with integrated management of distributed resources.
and secure services for everyday life and health.
Bringing Peace of Mind to Everyday Life through Connected Networks
Support for Regional Infrastructure Operation
Safe and Secure Services for Everyday Life and Health
Digital Platform to Enable
One-stop Services
Bringing Comfort to People's Lives with Digital Technologies
About the Hokuriku Electric Power Group
Message
from the President Materiality
The Value Creation Process
External Officer
New Mid-term Business Plan
Operating Results
Interviews ESG Data
Operating Results for the Hokuriku Electric Power Group New Mid-term Business Plan Period（FY 2023‒2027）
■■ Financial Indicators
Financial Objectives
Consolidated Ordinary Income ¥55.0 billion or higher
Cumulative total for FY 2025‒2027 (three-year period): at least ¥180 billion＊
Consolidated Equity Ratio ％ or Higher （as of the end of FY 2027）
25
＊
Consolidated Return on Equity（ROE） 8％ or Higher＊
＊ On October 30, 2025, financial targets in the Hokuriku Electric Power Group New Mid-term Business Plan (FY 2023‒2027) were revised.
Consolidated Sales and Total Electricity Sales
Consolidated Sales Total Electricity Sales Volume
Consolidated Ordinary Income
Consolidated Return on Equity（ROE）
21.0
18.9
2024
2023
△31.7
△2.0
2.1
（％）
（Billions of yen）
800
700
600
500
639.4
613.7
36,173
817.6
32,691
808.2
858.2
31,919
（GWh）
46,000
42,000
38,000
34,000
（Billions of yen）
120
80
40
0
20
1,07.9
91.3
12.3
△93.7
△17.6
10
0
-10
2020
2021
2022
（FY）
New Mid-term Business Plan Period
400
32,554
28,004
30,000
-40
ROE = Profit（loss）attributable to owners of the parent/Average equity
0
2020
2021
2022
0
2024
2023
（FY）
New Mid-term Business Plan Period
2020 2021 2022
（FY）
2024
2023
New Mid-term Business Plan Period
Consolidated Return on Assets（ROA）
0.8
3.9
4.5
2024
2023
△3.1
△0.7
（％）
Consolidated Sales Total Electricity Sales VolumeConsolidated Net Income
65.1
56.8
6.8
△6.7
△88.4
（Billions of yen）
60
Consolidated Equity Ratio
12.9
16.6
20.5
19.6
21.2
（％）
4
2
0
-2
2020
2021
2022
（FY）
New Mid-term Business Plan Period
40
20
0
-20
2020 2021 2022
2024
2023
（FY）
New Mid-term Business Plan Period
25
20
15
10
2020
2021
2022
（FY）
2024
2023
New Mid-term Business Plan Period
ROA = Operating income（loss）/Average total assets
Consolidated Outstanding Interest-bearing Debt
1,192.8
1,149.1
1,038.7
974.8
1,285.4
2024
2023
（Billions of yen）
1,300
1,200
1,100
1,000
900
800
Net income（loss）attributable to owners of parent is shown
The equity ratio has been calculated by dividing shareholders' equity by total assets.
2020
2021
2022
（FY）
New Mid-term Business Plan Period
About the Hokuriku Electric Power Group
Message
from the President Materiality
The Value Creation Process
External Officer
New Mid-term Business Plan
Operating Results
Interviews ESG Data
Pillar Ⅱ
Working with Local Communities to Promote Decarbonization
Strengthening of Efforts to Support Our Business Foundation
Efforts Related to Power Generation Facilities |
|
Efforts Related to Transmission and Distribution Facilities |
|
Strengthening of Disaster Response Capabilities |
|
Efficient Maintenance and Facility Operations Using AI and IoT |
|
Offering New Value and Services Developed from Our Existing Electricity Business |
|
Expansion and Development of New Business Domains |
Minister's Award）in the Local Public Entity category at the 4th Digi-den Koshien, a national competition promoting Digital Garden City initiatives. |
Development of Renewable Energy Sources | Hydroelectric
|
Decarbonization of Thermal Power Sources |
|
Restart of Shika Nuclear Power Station Unit 2 |
|
Implementation of Next-generation Transmission and Distribution Networks |
|
Contribution to Decarbonization and BCP Measures in Local Communities |
|
Promotion of Operational Reforms and DX |
|
Promotion of Human Capital Management |
|
Ensuring and Strengthening Compliance |
|
■■ Major Efforts Implemented Based on the Three Pillars of Management
Pillar Ⅰ
Ensuring a Stable Supply, Improving the Financial Balance, and Strengthening the Financial Base
Pillar Ⅲ
Expansion of New Business Domains for Sustainable Growth
About the Hokuriku Electric Power Group
Message
from the President Materiality
The Value Creation Process
External Officer
New Mid-term Business Plan
Pillar I
Interviews ESG Data
Pillar I
Ensuring a Stable Supply, Improving the Financial Balance, and Strengthening the Financial Base
Stable Supply is the Key to Power Business Management
Ensuring a Stable Supply of Electricity
Improved Financial Balance and Strengthened Financial Base
Needs
Virtuous Cycle
Productivity
Service
Idea
Capital Investment for Stable Supply Based on Stable Financial Balance
In order to maintain a stable supply of electricity, which is our most important mission, we are working to ensure the early restoration of damaged facilities on a full basis, further strengthen our disaster response capabilities based on this experience of the earthquake, and further secure stable supply capabilities.
In addition, we will work to further improve our financial balance and strengthen our financial base early on, in order to continue delivering electricity to our customers.
Consolidated Ordinary Income
¥107.9 billion
¥91.3 billion
¥55.0 billion or higher＊
Cumulative total for FY 2025‒2027 (three-year period): at least ¥180 billion
¥9.1 billion
average from FY 2012 through FY 2021
FY 2023
FY 2024
・・ ・
Targets
FY 2022
Financial Objectives
Category | Details | |
Efforts to Secure a Stable Supply in the Future |
| P17 |
Recovery Initiatives for Affected Facilities |
| P18 |
Enhancement of Disaster Response Capabilities in Light of the 2024 Noto Peninsula Earthquake, and Establishment and Sharing of the Knowledge Gained |
| P19 |
Appropriate Maintenance and Operation Management Through the Utilization of Digital Technology |
| P22 |
（１）Ensuring a stable supply of electricity
△¥93.7 billion
Consolidated Equity Ratio
16.6%
12.9%
20.5%
25% or Higher＊
21%
18.9%
8
% or Higher
FY 2022 FY 2023 FY 2024 ・・・ FY 2027
Consolidated Return on Equity（ROE）
＊
Category | Details |
Efforts to Further Improve Efficiency |
|
（2）Further improvements in balance of income and expenditures to achieve financial targets
FY 2022
FY 2023
FY 2024
・・ ・
FY 2027
△31.7%
＊On October 30, 2025, financial targets in the Hokuriku Electric Power Group New Mid-term Business Plan (FY 2023‒2027) were revised.
INTEGRATED REPORT 2025 15
MESSAGE
Power Generation
MESSAGE
Transmission and Distribution
Akira Tsukamoto
Managing Executive Officer
The Group's most important mission is to ensure the stable supply of electricity to our customers. The 2024 Noto Peninsula Earthquake caused extensive damage to our power generation facilities. The Nanao Ohta Thermal Power Station launched the Post-earthquake Restart Project, and
Kazuya Tanada
Representative Director & President Hokuriku Electric Power Transmission & Distribution Company
The 2024 Noto Peninsula Earthquake and torrential rains, which occurred during the recovery process, caused extensive damage to power distribution facilities. At the start of this fiscal year, many facilities, including nearly 2,000 utility poles, still required replacement, and the
a team of 900 people, including our employees, as well as staff from Group companies and plant manufacturers, worked to restore operations. We also created a journal to record the efforts to recover from the earthquake disaster, to pass on lessons learned from this disaster to future generations, thereby helping to ensure continued stable supply going forward.
In addition to the restoration and preparation of facilities and other physical aspects, we are also focusing on strengthening our human-side resilience. This involves analyzing the factors and background behind issues identified during disaster response, and organizing improvement measures, in order to further enhance our disaster response capabilities.
In order to fulfill the Group's foremost mission of ensuring stable supply, each employee is committed to performing their daily duties with a strong sense of responsibility, applying lessons learned from the disaster.
recovery process is only midway. Even so, under the slogan"Together as One for Noto,"the entire staff is working together to achieve restoration as quickly as possible, by making maximum use of the resources that we have in the Hokuriku region.
We will further strengthen our resilience by making use of the new knowledge gained through our efforts following these disasters. At the same time, we will steadily carry out our daily operations, including supply and demand control, equipment maintenance, and other engineering work, to fulfill our social mission of continuing to ensure a stable supply of electricity to our customers. In addition, we will boldly take on the challenges of reform and creation aimed at higher levels of customer service and operational quality, including the promotion of kaizen, transformation, and DX, while supporting the foundation of life and industry in the Hokuriku region.
Enhancement of Disaster Response Capabilities in Light of the 2024 Noto Peninsula Earthquake, Reflecting Knowledge Gained
Power Station
Transmission lines
Substations Distribution Lines
Customers
We procure fuel flexibly in line with market conditions, while pursuing cost efficiency.
We do our utmost to ensure stable supply, by steadily implementing daily inspections, repairs, and equipment upgrades at power stations, and by working to ensure reliable supply capability through measures such as adjusting the repair schedules for thermal power facilities.
We conduct patrols and inspections daily to ensure that power supply equipment is working correctly, as well as appropriately controlling supply and demand and maintaining equipment and facilities.
In order to ensure a stable supply of electricity for years to come, we have established a long-term policy for measures to address aging of power transmission and distribution facilities, and are steadily and appropriately updating the facilities that were constructed during and since the high-growth period of the Japanese economy（particularly the 1970s）.
We are also working to secure and develop human resources for transmission and distribution works, as well as to expand public awareness and improve the image of the industry.
About the Hokuriku Electric Power Group
Message from the President
Materiality
The Value Creation Process
New Mid-term Business Plan
External Officer Interviews
ESG
Data
Pillar I
Ensuring a Stable Supply of Electricity
In order to fulfill the Group's most important mission of ensuring a stable supply of electricity, we continue working to restore the facilities affected by the 2024 Noto Peninsula Earthquake and other natural disasters, while strengthening our disaster response capabilities based on our experience with such disasters. We will also work to establish within the Group the knowledge gained, and apply it nationwide.
About the Hokuriku Electric Power Group
Message
from the President Materiality
The Value Creation Process
External Officer
New Mid-term Business Plan
Pillar I
Interviews ESG Data
Efforts to Secure a Stable Supply in the Future
■■ Measures to Address Aging of Power Transmission and Distribution Facilities
We have established a long-term policy for highly aged facilities, in order to steadily and appropriately update the facilities that were constructed during and since the high-growth period of the Japanese economy（particularly the 1970s）, and to ensure a stable supply in the future.
If facilities are renovated based on facility age distribution, the"spike"due to the number of facilities built during the high-growth period of the Japanese economy（particularly the 1970s）would lead to a sudden increase in construction volume, thus overwhelming our capacity to carry out work, in turn leading to increased replacement costs（see ○a ）. For this reason, we assess the conditions of facilities and determine which should be kept for extended operation, with planned maintenance based on conditions（see ○b ）. This helps even out the amount of works, enabling steady and continuous replacement work with appropriate timing from a long-term perspective, while both maintaining a stable supply and controlling costs（see ○c ）.
Developing Replacement Plans Utilizing Asset Management Techniques
In addition to the conventional replacement planning method, we shall optimize the facilities being replaced and the timing thereof, in order to maintain a level of risk, calculated based on failure probability and the impact for each facility, within a certain range.
○b Planned Replacements
○a Difficulties in Capacity to Carry Out Work
and Increased Expenses
Transmission Towers ■ Concrete Poles
○b Extended Operation and Life Extensions
○c Appropriate Level of Construction Volume
Conventional Replacement Planning Method
Introducing Asset Management Techniques
Visualization of Amount of Risk for Each Facility
Visualization of amount of risk calculated by
High risk
Extending replacement timing based on aging and deterioration of each facility, evening out the amount of works
multiplying"failure probability"by"impact of failure"
Failure probability
Distribution of Facilities
Replacement Plan（w/ Consideration for Work Evening）
Replacement Plan
（w/ Consideration for Work Evening）
Replacement Plan（Amount of risk considered）
Optimization of facilities being replaced and the timing thereof, based on amount of risk for each facility
Upward Trend?
Amount of Risk Not Considered
Year
Ensuring current stable supply by maintaining risk within a certain range
Year
Analysis & evaluation
Importance of facilities
Remaining lifespan study results
Knowledge
（record of accidents and problems）
Aging and deterioration
Impact of failure
400 20
300 15
Amount of Risk
Amount of Risk
200 10
100 5
0
Transmission 1951
Towers
1956
1961
1966
1971
1976
1981
1986
1991
1996
2001
2006
2011
0
2016 Utility Poles
（× 1,000）
■■ Efforts to Secure Work Execution Capability Following a nationwide decline in engineering workers, we established a corporate group called E-League Hokuriku in collaboration with companies engaged in engineering works on transmission and distribution facilities in the Hokuriku region. This group is working to secure and develop human resources for transmission and distribution works, as well as to share videos and other media to expand public awareness and improve the image of the industry.
Teaching Material for Technical High Schools
Transmission Tower Cards
Social Media
Promotional video
About the Hokuriku Electric Power Group
Message
from the President Materiality
The Value Creation Process
External Officer
New Mid-term Business Plan
Pillar I
Interviews ESG Data
Recovery Initiatives for
Affected Facilities ■ ■ Restoration of Distribution Facilities, and Transmission and Transformation Facilities
The 2024 Noto Peninsula Earthquake and the torrential rains in the Oku-Noto region caused significant damage to the Group's facilities for
Results
Facilities Restored in FY 2024
power distribution, transmission, transformation, and communication.
Distribution Equipment
Transmission Facilities
Transformation Facilities
Approx.
3,300 Utility Poles
12 Lines
17 Units
Power outages after each disaster were generally resolved within a month, except for customers who could not use electricity for reasons such as safety concerns. We continue to steadily work on restoration efforts in FY 2025 and beyond, fulfilling our mission of providing a stable supply of electricity.
Facility Damage from Disasters in the Noto Region
Steady Implementation of Restoration Work in Line with Local Governments'Recovery Plans, etc.
January 2024: Facility Damage from the Noto Peninsula Earthquake
Damage to Main Facilities
Distribution Equipment
Transmission Facilities ＊1
Transformation Facilities ＊2
Approx.
4,500 Utility Poles
24 Lines
21 Units
September 2024: Facility Damage from the torrential rains in the Oku-Noto region
Distribution Equipment
Transmission Facilities ＊1
Transformation Facilities ＊2
Approx.
800 Utility Poles
-
-
Damage to Main Facilities
Before Restoration Work
After Restoration Work
Facilities to be Restored in FY 2025 or Later
Distribution Equipment
Transmission Facilities ＊1
Transformation Facilities ＊2
Approx.
1,900 Utility Poles
12 Lines
4 Units
＊1 Deformation of transmission tower parts, insulator breakage, wire breakage
＊2 Damage to transformer bushings, etc.
Utility poles before and after restoration work following the Noto Peninsula Earthquake
COL UMN
Together as One for Noto
Many Employees of the Group Volunteered in Affected Areas
A total of 1,000 employees from the Group participated in disaster recovery volunteer activities in affected areas of the Noto region.
President Matsuda and many employees worked hard in areas affected by the disaster, such as removing and transporting debris and scooping out mud accumulated in ditches.
President Matsuda（left）and employees（right）scooping out mud
About the Hokuriku Electric Power Group
Message
from the President Materiality
The Value Creation Process
External Officer
New Mid-term Business Plan
Pillar I
Interviews ESG Data
Enhancement of Disaster Response Capabilities in Light of the 2024 Noto Peninsula Earthquake, and Establishment and Sharing of the
As a responsible power company, we have always worked to strengthen our disaster response capabilities, and these efforts
were also proven effective in the 2024 Noto Peninsula Earthquake. To further strengthen our capabilities, we will analyze challenges and other aspects identified through our disaster response efforts, for in-depth consideration of countermeasures and response strategies.
In addition to establishing knowledge within the Group, we will also share it with relevant organizations, such as municipalities and other electric power companies, in order to contribute to nation-wide resilience improvements.
Overall Picture of Strengthening of Disaster Response Capabilities and Establishment and Sharing of Knowledge
Knowledge Gained
Results
Experience with Disasters
Summarizing the challenges and other aspects identified through actual disaster response
Action 1：
Resilience Improvement（Human Side）
Additional Collaboration with Relevant Organizations
Efforts by the Hokuriku Electric Power Transmission & Distribution Company
Utilization of digital and IoT technologies, such as expanded use of drones in facility patrols following disasters, and adding and improving functions to various systems for better understanding of facility damage
Facility Side
Efforts at Thermal Power Stations
Identification of earthquake-vulnerable equipment and components, and in-house stocking of repair parts requiring long lead times
Three
Action 1： Resilience Improvement
Agreements with National Government Organizations
Hokuriku Regional Development Bureau, MLIT（elimination of road obstacles）
Kinki Regional Development Bureau, MLIT（elimination of road obstacles）
Human Side
Provision of Information to Customers
Prompt provision of accurate information to customers through various media
Strengthening Systems on a Group-wide Basis
Further strengthening of the back-office operation system
Strengthening Collaboration with Local Governments
Further strengthening collaboration with companies and other organizations regarding necessary supplies and other matters in preparation for disasters, as well as reinforcing liaisons with local governments
Strengthening of Collaboration among Transmission System Operators（TSOs）
Studies on further strengthening cooperation among TSOs
Chubu Regional Development Bureau, MLIT（elimination of road obstacles）
Ceremony for Disaster Mutual Aid Agreement with Hokuriku Regional Development Bureau
Agreements with Four Private Companies
One transportation company（transportation of relief supplies）
Two rental companies（lodging facilities such as trailer houses）
One local supermarket（food procurement）
Further Raising Disaster Prevention Awareness among Employees
A Total of Three Exercises* Conducted
＊ Field exercise for emergency disaster response（June）, company-wide disaster exercise（August）, and comprehensive exercise for nuclear disasters（scheduled for January）
Sharing with relevant organizations（national, prefectural, and municipal organizations）and other electric power companies
Nationwide Sharing
Action 2： Establishment and Sharing of Knowledge Gained
Dissemination and establishment throughout the Group, along with continuous refinement through training and other means
Establishment of Knowledge
P20
Field exercise for emergency disaster response（June）
About the Hokuriku Electric Power Group
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New Mid-term Business Plan
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Action 2： Establishment and Sharing of Knowledge Gained
■■ Thermal Power Station
Shortly after the occurrence of the 2024 Noto Peninsula Earthquake, we launched the Nanao Ohta Thermal Power Station Post-earthquake Restart Project for the early restart of the power station's Units 1 and 2, which had been suspended from operation. Utilizing drones and other methods, we swiftly identified the parts damaged and the extent of the damage. A team of 900 people, including our employees, as well as staff from Group companies and plant manufacturers, worked to restore operations, securing adequate supply capacity to meet the high demand of summer.
We also carried out restoration work on damaged equipment other than power generation facilities, including removing the collapsed coal reclaimer and installing an alternative coal reclaimer.
In order to pass on the broad knowledge gained through our experiences following this disaster to future generations, the Thermal Power Department compiled the Earthquake Recovery Record. It documented equipment damage records, as well as internal and external collaboration, efforts to secure living environments, and contributions to the community. This information was provided not only internally but also to other organizations involved in thermal power generation in the industry.
Moreover, we are making other efforts to strengthen our disaster response
capabilities, including specifying the specific points to check immediately after an earthquake, and preparing manuals in the event of a disaster.
Coal reclaimer collapsed in the earthquake
Newly installed alternative coal reclaimer
■■ Further Raising Disaster Prevention Awareness among Employees
Implementation of Disaster Exercises Based on Lessons Learned from the Noto Peninsula Earthquake We conducted disaster exercises based on the assumption of an earthquake of the same scale as the Noto Peninsula Earthquake, and verified our disaster response measures, which had been improved and strengthened by FY 2024.
We will continue to refine our disaster response capabilities through exercises and other measures, ensuring that knowledge is disseminated and becomes firmly established throughout every corner of the Group.
Improving and strengthening actions based on lessons learned from disasters（FY 2024）
Safety confirmation using digital tools standardized across the entire company
Patrol using drones
Coordination with road administrators
Dispatching liaisons to municipalities
Logistical support system（dispatch of reinforcement personnel, transportation of relief supplies）
…and other measures
Disaster exercises based on lessons learned from the Noto Peninsula Earthquake
Verification of improved and strengthened disaster response measures, and establishment of knowledge within the Group
Continually repeating improvements, based on various factors including the issues identified through these exercises, in order to establish knowledge and strengthen disaster response capabilities
Implementation of information communication training through company-wide disaster exercises, e-learning, etc.
Strengthening of collaboration with relevant organizations and implementation of practical training to improve effectiveness
STEP 1
Disaster Exercises Based on Assumption of Similar-scale Earthquake
STEP 2
STEP 3
Disaster exercise
■■ Aggregation and Nationwide Sharing of Knowledge
We are currently working to summarize the evaluation, necessary improvements, and countermeasures regarding the human-side aspects of our response to the 2024 Noto Peninsula Earthquake, including how we collaborated with relevant organizations.
Going forward, in order to provide information externally, we plan to document this knowledge and actively share it nationwide through individual briefings with relevant organizations（national, prefectural, and municipal organizations）and other electric power companies, as well as through other means.
About the Hokuriku Electric Power Group
Message
from the President Materiality
The Value Creation Process
New Mid-term Business Plan
Special Report
External Officer
Interviews ESG Data
Special Report
（Together as One for Noto）
Efforts Following the 2024 Noto Peninsula Earthquake■■ Provision of the"Together as One"Electricity Rate Plans to Support the Recovery from the Earthquake Disaster
We have set up rate plan options called the"Together as One"Electricity Rate Plans to Support the Recovery from the Earthquake Disaster, for purposes of promoting living in severely affected areas, creating employment, assisting livelihood recovery, supporting the affected areas, and more.
We have already received a large number of applications, with a total of approximately 1,300 by June 2025.
Business Recovery Support Electricity Rate Plan
（for low- and high-voltage customers）
Discounted rate plan to support recovery of livelihoods following disasters such as earthquakes
■■ Noto Recovery Support Project
We are engaged in various activities under the name of"Noto Recovery Support Project"to help invigorate the people in the affected areas.
Cheering On Noto Together Campaign
Discounted rate plan to promote new electricity contracts in severely affected areas, as well as expansion of contracted capacity for affected companies in the three prefectures of the Hokuriku region
From December 2024 to February 2025, we ran a campaign in which we asked people to send messages of support for the Noto region. Winners were chosen at random, and given specialty products from Noto.
Electricity Rate Plan to Support People Moving to Affected Areas
Corporate Investment Support Electricity Rate Plan
（for high- and extra-high-voltage customers）
（for low-voltage customers）
Noto Green Recovery Donation Electricity Rate Plan
（for high- and extra-high-voltage customers）
Discounted rate plan to promote living in severely affected areas
Rate plan for electricity from renewable energy sources in the Noto area, with donations to support severely-affected areas
We created a banner featuring 1,750 messages from across the nation and donated it to four municipalities in the Noto region: Wajima City, Suzu City, Noto Town, and Anamizu Town.
Flower Delivery Project
We are conducting activities to plant different fiower seedlings together in planters, with temporary housing residents and preschool children.
■■ Research toward the Effective Utilization of Waste Roof Tiles Resulting from the Earthquake Traditional roof tiles have long been made and used in the Noto area. A project to recycle waste roof tiles as concrete aggregate and use them in reconstruction work was selected for the Research Grant Program（2024）for the Revitalization of the Hokuriku Regional Management Service Association.
This project is jointly implemented by the Hokuriku Electric Power Company and National Institute of Technology, Ishikawa College. The goal for FY 2025 is to conduct pilot work that will lead to practical implementation.
Since April 2025, we have visited facilities in all affected municipalities to provide this program, and many people have participated.
■■ Co-combustion of Wood Chips Derived from Driftwood and Wood Waste at
Waste roof tiles generated before the earthquake for rebuilding houses or other purposes
Waste roof tiles resulting from the earthquake
Crushing and sorting
Intermediate treatment facility Crushing
Processing and Utilization Process for this Project
a Thermal Power Station
Ready-mixed concrete plant Social implementation
Reconstruction work
Precast concrete plant
This project aims to investigate methods for utilizing the fine particles of crushed and screened roof tiles, processed by intermediate treatment facilities, as part of the sand in concrete.
We process driftwood and wood waste generated by disasters into wood chips, and use them as biomass fuel at Nanao Ohta Thermal Power Station Unit 2.
Processing
We have already been co-combusting driftwood-derived material since FY 2024.
Crushing and sorting
Recycling
（landscaping materials, landfill materials, etc.）
Final disposal sites Final disposal sites
（within the prefecture） （outside the prefecture）
For the co-combustion of wood waste generated from the demolition of houses and other buildings, we are working on measures to prevent foreign objects from being mixed in, as well as other issues.
Approx. 10 cm
Wood chips made from wood waste
INTEGRATED REPORT 2025 21
About the Hokuriku Electric Power Group
Message
from the President Materiality
The Value Creation Process
External Officer
New Mid-term Business Plan
Pillar I
Interviews ESG Data
Hydroelectric Power Stations and the Hokuriku Electric Power Transmission & Distribution Company
Appropriate Maintenance and Operation Management Through the Utilization of Digital Technology
In order to operate power generation facilities stably and increase generation efficiency, appropriate management for maintenance and operation is essential. The Group utilizes AI and other digital technologies to reinforce several measures to prevent problems, as well as for efficient maintenance and operation.
■■ Efforts at Hydroelectric Power Stations
Tasks
Hydroelectric Power Stations
Introduction of AI image diagnosis for internal inspections of waterways
Introduced in July 2025
Expansion of remote management for power station facilities
Introduction of AI image diagnosis for internal inspections of waterways In collaboration with Fujifilm Corporation, we have jointly developed a system to detect crack anomalies by capturing images of waterway wall surfaces with cameras and performing AI image diagnosis. This image diagnosis involves color-coding cracks on waterway wall surfaces by size, to indicate their significance. After a pilot introduction period, this system was fully rolled out in July 2025.
Expansion of remote management for power station facilities
The installation of monitoring cameras and information collection devices at power stations has enabled remote monitoring, reducing the patrol frequency at power stations during snowfall when access becomes difficult.
Results
Targets
Information collection devices
18
locations
To be in place at all power stations
（132 locations*） by FY 2034
＊As of September 2025
Monitoring cameras
25
locations
Wearable cameras
96
locations
To be provided for places with Wi-Fi
Camera capturing image
Result of AI diagnosis
Monitoring camera image display
■■ Strengthening of Efforts to Speed Up and Digitalize the Assessment of Damage to Facilities
In March 2025, the Hokuriku Electric Power Transmission & Distribution Company started operating the Company-wide NW Map System, named VOGELMAP. This system was used on a trial basis in our activities following the 2024 Noto
Enhancement of Functionality in Company-wide NW Map System
The latest status can be checked from anywhere on a smartphone
Geospatial information owned by the company visualized in a centralized manner
Peninsula Earthquake.
In FY 2025, this system became available for use on smartphones, displaying the company's geospatial information graphically. Going forward, we will work to build a data linkage platform for external users, and increase the volume of data.
Site identification and navigation
Route indication
Area and facility extraction and data analysis
Open Data
Sharing information with external users
About the Hokuriku Electric Power Group
Message
from the President Materiality
The Value Creation Process
External Officer
New Mid-term Business Plan
Pillar I
Interviews ESG Data
Message from the Director of Corporate Planning and Accounting
Wataru Hirata
Representative Director & Executive Vice President
Achieving Financial Targets and the Goals of the New Mid-term Business Plan
In 2023, we established the Hokuriku Electric Power Group New Mid-term Business Plan for FY 2023‒2027（hereafter the"New Mid-term Business Plan"）, and set financial targets of consolidated ordinary income of at least 45 billion yen, a consolidated equity ratio of at least 20%, and a consolidated return on equity of at least 8%.＊
In the two years since the plan was established, the Noto Peninsula Earthquake of January 2024 and the torrential rains in the Oku-Noto region that September led to some 65 billion yen in damage; however, we were still able to far exceed our consolidated ordinary income target two years in a row. As a result, our consolidated equity ratio went from 12.9% at the end of FY 2022 to 20.5% at the end of FY 2024, reaching our target three years ahead of schedule. We believe that these results come from consistent ongoing Group-wide efforts to improve profitability and efficiency.
The environment within which we exist is changing at a remarkable pace, with the February 2025 establishment of Japan's Seventh Strategic Energy Plan and the GX 2040 Vision, as well as anticipated increases in future electricity demand due to further progress in DX and GX. Our FY 2025 Action Plan was informed by these circumstances, and calls for us to consolidate and apply the knowledge gained due to the Noto Peninsula Earthquake, as well as to take efforts toward the decarbonization of our power sources, as key points for strengthening our business to further expand profits and enhance equity capital, in order to continue to fulfill our responsibilities as an energy company into the future.
Toward Improved Corporate Value
We believe that it is our responsibility as a publicly listed company to manage our business with an awareness of the cost of capital and stock price. In addition to steadily building equity by achieving the profit targets set forth in our New Mid-term Business Plan, we will also aim to achieve consolidated return on equity of at least 8%.
Additionally, to meet increased future electricity demand and the social demand to achieve carbon-neutrality by 2050, we believe it is critical to maintain a stable supply of electricity through the steady development of decarbonized power sources, and that bringing this to fruition will lead to mid-to-long-term improvements to our corporate value. More specifically, we will continue to work to develop renewable energy sources, such as new construction and repowering of hydroelectric power stations and new construction of wind power stations; we will also decommission the rapidly aging coal-fired Unit 2 and idle oil-fired Unit 1 of Toyamashinko Thermal Power Station, and move forward with construction of the LNG-fired Unit 2, a state-of-the-art, high-efficiency gas turbine combined-cycle power generation facility. We are also continuing to work on efforts for the compliance assessment for the new regulatory requirements toward an early restart of Shika Nuclear Power Station, a key step toward decarbonization, and we will continue to take appropriate measures for safety improvements works.
We will continue to engage in proactive dialogue with our investors and make concerted efforts to enhance the Group's corporate value.
＊ On October 30, 2025, financial targets in the Hokuriku Electric Power Group New Mid-term Business Plan (FY 2023‒2027) were revised, as follows:
consolidated ordinary income to ¥55.0 billion or more (cumulative total for the three-year period from FY 2025 to FY 2027: ¥180 billion or more), consolidated equity ratio to 25% or more (by the end of FY 2027), and consolidated return on equity to 8% or more.
About the Hokuriku Electric Power Group
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Materiality
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New Mid-term Business Plan
External Officer Interviews
ESG
Data
Pillar I
Further Improvements in Balance of Income and Expenditures to Achieve Financial Targets
In addition to working to ensure the early achievement of our financial targets in FY 2025 and beyond, we will also aim to increase profits further, so that we can respond to various risks such as natural disasters and rising fuel prices.
Main Subjects
Specific Efforts
Optimization of Supply and Demand
Control
Further improvement of supply-demand balance through integrated management and analysis of supply and demand control, electricity
trading, and fuel procurement by the Power Trading & Fuel Dept.
AI-based optimization of supply and demand control, including improved accuracy in predicting power demand and amount of run-of-river hydroelectric power generation, and optimization of vessel allocation plans.
Development from Existing Electric Power
Business
Provision of new value and services in addition to electricity, including carbon-neutrality services such as solar PPAs, EVs, and storage
batteries, as well as demand-response services and more.
Expansion and Development of New
Business Domains
Aiming to establish a top-level digital solutions business in the Hokuriku region through strengthening cooperation among Group companies
involved in information and communications business and other efforts.
Effective and efficient investment in overseas business operations and new business domains, based on accumulated know-how in business investment and M&A.
Revenue Growth
■■ Strengthening of Efforts in Each Pillar of the New Mid-term Business Plan
Cost Reductions
Thorough Streamlining of Management
Further streamlining of equipment-related costs and various expenses, through measures such as further reduction of material procurement costs by promoting upstream purchasing and improvement of maintenance management efficiency by introducing new technologies.
Productivity Improvement through Operational Reforms and Digital Transformatiotn
Steady implementation of the Business Process Reengineering Implementation Plan and reallocation of human resources
Accelerating promotion of DX through the use of digital tools such as Kintone and generative AI based on DX strategies, and the cultivation of DX human resources
Achievement of Financial Targets in the New Mid-term Business Plan
Consolidated Ordinary Income ¥55.0 billion or higher
Cumulative total for FY 2025‒2027 (three-year period): at least ¥180 billion＊
Consolidated Equity Ratio ％ or Higher
25
＊
（as of the end of FY 2027）
Consolidated Return on Equity（ROE） 8％ or Higher＊
＊On October 30, 2025, financial targets in the Hokuriku Electric Power Group New Mid-term Business Plan (FY 2023‒2027) were revised.
Aiming to further increase profits in order to prepare for various risks, such as natural disasters and rising fuel prices.
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Efforts to Further Improve Efficiency
■■ Introduction of Vehicles for Replacing Utility Poles in Their Original Locations
Previously, when an existing pole had to be replaced in the same location, we had to erect a temporary pole in a separate location, necessitating two planned power outages for the replacement work. Now, with the introduction of a vehicle for replacing utility poles in their original locations, it has become possible to reduce this to just one work-related outage.
Improved efficiency and labor savings in replacement work
Fewer work-related power outages
Temporary Transfer of Wires to the Utility Pole Replacement Vehicle
■■ Making Implicit Knowledge of Experienced Employees Explicit
Protective relays are a critical part of the stable operation of electric power systems, and in the past, they would be calibrated by unskilled workers, which was very time-consuming. The need for reliable protective relay calibration created two urgent needs: equipping these unskilled workers with technical expertise, and improving operational efficiency.
To this end, we have partnered with Solize to develop a protective relay calibration calculation support system for use in various parts of the company, designed to take know-how and other implicit knowledge possessed by experienced workers, and convert it into explicit knowledge.
Introducing this system made it possible to pass along protective relay calibration techniques, and led to 40‒50% time savings for calibration, earning this effort a Shibusawa Prize in FY 2024.
Protective Relay Calibration Calculation Support System
Years of Know-How and Work Experience
Experienced Workers
Unskilled Workers at the Company
Support for Sharing Techniques & Efficient Calibration
Calculations
How Utility Poles Are Replaced Using the Vehicle for Replacing Utility Poles in Their Original Locations
1. Electric wires are temporarily moved to the vehicle
2. Utility pole replacement in original location
3. Electric wires are returned to the new pole
Results of Introducing the System
Replacement in Original Location
Simulation Calculations
（1.0 day）
Preparing Slips（0.5 days）
Reviewing and Revising Calculation Sheets
（1.0 day）
Sharing with Knowledgeable Workers for Feedback 1‒2 Weeks
40‒50%
Faster
Sharing for Feedback 0‒1 Weeks
Replacement with One Work-related Power Outage
Time Spent Preparing Calculation Sheets
（7.0 Days）
Drafting (0.5 days）
Reviewing and Revising Calculation Sheets (0‒0.5 days)
Investigating Minimum Power Supply（0.5 days）
Investigations and Preparing Calculation Sheets
（1.5 days）
Investigating Minimum Power Supply（0.5 days）
Investigations and Preparing Calculation Sheets
（2.5 days）
Simulation Calculations
（1.0 day）
Time Spent Preparing Calculation Sheets
（3.5-4.0 Days）
Entering Parameters and Preparing System Diagrams
（1.0 day）
Entering Parameters and Preparing System Diagrams（0.5 days）
Before After
About the Hokuriku Electric Power Group
Message
from the President Materiality
The Value Creation Process
External Officer
New Mid-term Business Plan
Pillar Ⅱ
Interviews ESG Data
Pillar Ⅱ
Working with Local Communities to Promote Decarbonization
Produce
Deliver
Support
Decarbonization of Power Sources
Implementation of Next-generation Transmission and Distribution Networks
Decarbonization Support
for the Community and for Customers
We will spearhead the advancement of carbon neutrality in the Hokuriku region through a comprehensive approach encompassing"generate,""deliver,"and"support."This strategy extends beyond decarbonizing power sources and next-generation transmission and distribution networks, including decarbonization support for the community and for customers.
Targets Main Efforts
Renewable Energy Development Amount
Renewable energy development amount increased by
1 million kW or higher
（3.0 billion kWh/year or higher）
by the early 2030s＊1
Approximately +550,000 kW＊3
（Approx.2.2 billion kWh）
Achieved Up to Half of the Development Target
Group Targets and Recent Results
Ratio of Non-fossil Sources
50% or higher
electricity generated from non-fossil-fuel sources by FY 2030
23％
Renewable energy（excl. hydropower）
（１）Produce
Category | Details | ||
Efforts toward Decarbonization of Power Sources |
（Hydroelectric power development, wind power development, and decarbonization in thermal power sources） | P28 | |
Actions for Shika Nuclear Power Station |
| P33 | |
Hokuriku Electric Power Company's Power Source Mix | P36 | ||
CO2 Emissions
50% or greater reduction in CO2 emissions
by FY 2030＊4
42% reduction
Category | Details |
Implementation of Next-generation Transmission and Distribution Networks |
|
Deliver
（Installed Capacity）
Approx.
Nuclear power 0%
23
Hydroelectric power
%
Thermal power
77％
<1%
7.44 million t-CO2/year
million t-CO2/year
17.69
million
t-CO2/year
10.25
Support
Category | Details |
Decarbonization Support for the Community and for Customers |
|
FY 2018 As of March 2025 FY 2024 FY 2013 FY 2024
Approx.
2 million kW＊2
2.55 million kW
＊１ Compared to FY 2018 ＊２ The company's total installed power generation capacity is approximately 8 million kW ＊３ Development capacity with operation/implementation already decided ＊4 Compared to FY 2013, based on retail electricity sales volume
INTEGRATED REPORT 2025 26
About the Hokuriku Electric Power Group
Message from the President
Materiality
The Value Creation Process
New Mid-term Business Plan
External Officer Interviews
ESG
Data
Pillar Ⅱ
Taking on Challenges toward Carbon Neutrality
In April 2021, we established a roadmap toward achieving carbon neutrality, and are working on various efforts toward this, such as decarbonization of power sources, implementation of next-generation transmission and distribution networks, and support for customers'and the region's decarbonization.
up through 2030
up through 2050
■■ Roadmap toward Achieving Carbon Neutrality
Decarbonization of Power Sources | Utilizing Renewable Energy as the Major Power Source | Expanding the introduction of hydropower, wind power, photovoltaic power, Expanding the introduction of and other sources to increase renewable power generation renewable energy sources to the Renewable energy development amount increased by maximum（Inside and outside the 1 million kW or higher（3.0 billion kWh/year or higher） region, overseas） | Achievement of Carbon Neutrality | |
Maximum Use of Nuclear Power | Early restart and stable operation as a base load generation source, efforts toward the world's highest level of safety Examination and utilization of new nuclear technologies | |||
Zero Emission Thermal Power | Clean Fuel | Increase in biomass fuel co-combustion for coal-fired power generation （an increase of 1.5 billion kWh/year） Power generation using 100% biomass Fuel conversion to ammonia Studies on using ammonia and hydrogen and hydrogen | ||
CO2 Reductions | CO2 reductions through replacing turbines and other equipment; Introduction of carbon dioxide studies on introducing carbon dioxide capture, utilization, and storage capture, utilization, and storage （CCUS）technologies （CCUS）technologies | |||
Implementation of Next-generation Transmission and Distribution Networks | Establishment of a resilient and smart bulk power system to support the utilization of renewable energy as the major power source; increased sophistication of power supply and demand control Establishment and operation of an optimal distribution system, based on wider use of distributed resources, including EVs, and expansion of distributed grids | |||
Support for Customers'and | Promotion of Electrification | Electrification of air conditioning, hot water supply, and kitchen equipment, Further promotion of electrification as well as of production processes in industrial fields through the application of Expanded use of EVs new technologies | ||
Zero Emission Support for Customers and the Region | Providing electricity rate plan options to comply with RE100, and various solution services, such as support for ZEHs and ZEBs Achievement of zero emissions in the region and management of regional energy, using distributed renewable Development of distributed renewable energy sources, and establishment of infrastructure to energy sources, hydrogen, support the practical use of storage batteries and expanded introduction of renewable energy and other resources （utilization of VPP and DR）, in collaboration with customers and local communities | |||
the Region's Decarbonization
■■ Participation in the GX League
The basic concept of the GX League,"simultaneously achieving corporate growth, consumer happiness, and contributions to the global environment,"aligns with our policy of becoming carbon-neutral by 2050. This is why we joined the GX League, which started in FY 2023. Through our participation, we aim to collaborate with other players taking on the challenge of GX, to achieve carbon neutrality by 2050.
■■ Promotion of Green Finance（ESG Bond Issuance）
In FY 2021, we issued our first green bond as part of our proactive promotion of green finance. In FY 2022, we issued transition bonds to promote further efforts to achieve carbon neutrality.
Issuance Overview, Status of Appropriation of Funds Procured and Environmental Improvement Effects
（as of the end of March 2025）
Issuance Overview
Category
Green Bond（1st）
Transition Bonds（1st）
Date of Issuance
December 9, 2021
November 25, 2022
Total Amount Issued/ Period
10 billion yen/10 years
18.5 billion yen/ 5 years
15.3 billion yen/10 years
10.6 billion yen/20 years Total: 44.4 billion yen
Purpose of Funds
Spending on construction, installation, operation, and maintenance of renewable energy power stations and generation facilities, as well as related facilities
⑴ Spending on zero-emission thermal power projects
⑵ Spending on transmission and distribution network projects
Target Projects
Renovation of existing hydroelectric power stations
（targeting 21 power stations）
⑴ Works to increase biomass fuel co-combustion for Nanao Ohta Thermal Power Station Unit 2 and Tsuruga Thermal Power Station Unit 2
（Tsuruga Thermal Power Station Unit 2 began operation in November 2024, and Nanao Ohta Thermal Power Station Unit 2 began operation in April 2025）
⑵ Strengthening of transmission and distribution networks
Status of Appropriation of Funds Procured and Environmental Improvement Effects of Target Facilities＊1（FY2024）
Amount Procured
10 billion yen
⑴ 42.1 billion yen ⑵ 2.2 billion yen
Appropriated Amounts
（Refinanced Amounts, Included in the Total＊2）
FY 2021: 4.5 billion yen（1.9 billion yen） FY 2022: 2.6 billion yen（ 0 billion yen）
FY 2023: 2.9 billion yen（ 0 billion yen）
Total: 10 billion yen（1.9 billion yen）
⑴ 42.1 billion yen（17.6 billion yen）
⑵ 2.2 billion yen（ 2.2 billion yen） Total: 44.4 billion yen（19.9 billion yen）
Unappropriated Balances
Already appropriated
⑴ Already appropriated ⑵ Already appropriated
Installed Capacity
1,000 MW ＊3
⑴ 210 MW ＊5
Electricity Generated
2,316,105 MWh/year
⑴ 1,500,000 MWh/year ＊5
Amount of CO2 Emissions Reduced
948,329 t-CO2/kWh ＊4
⑴ Approx.1,000,000 ｔ-CO2/kWh ＊6
The above bonds have undergone conformity assessment to relevant standards for issuance by DNV Business Assurance Japan K.K., a third-party evaluation organization. As of the end of June 2025, there have been no major changes in the progress of the projects or the appropriation plan.
＊1 Regarding the"strengthening of transmission and distribution networks,"the funds were appropriated（refinanced）to a part of the 12.3 billion yen＊ capital investment（in FY 2021）for the establishment of a smart, resilient bulk power system to support the utilization of renewable energy as the major power source, as well as for the maintenance and other purposes thereof, within our region.
（＊Calculated by multiplying the total amount of capital investment in transmission and distribution facilities by the ratio of electricity generated from renewable energy sources relative to the total amount of electricity generated in our region）
＊2 Refinanced amount of funds contributed by the fiscal year prior to issuance
＊3 For the power stations under renovation, the estimated installed capacity after the completion of the renovation was used.
＊4 Estimation method: 2,316,105［MWh］× 0.431［kg-CO2/kWh］（CO2 emission intensity for FY 2024）× 0.95（transmission loss）/ 1,000 = 948,329 t-CO2
＊5 Biomass fuel co-combustion at a rate of 15% at Nanao Ohta Thermal Power Station Unit 2（700 MW）and Tsuruga Thermal Power Station Unit 2（700 MW）.
＊6 Estimated as a result of reductions in coal consumption to generate electricity equivalent to biomass power generated
About the Hokuriku Electric Power Group
Message from the President
Materiality
The Value Creation Process
New Mid-term Business Plan
External Officer Interviews
ESG
Data
Pillar Ⅱ
Produce
Decarbonization of Power Sources
As a responsible energy provider, the Group is advancing decarbonization through a diversified approach that leverages the unique attributes of each power source and regional characteristics,
based on a premise of stable supply.
MESSAGE
Renewable Energy
Mitsuhiro Oda
Director & Managing Executive Officer General Manager of Community Relations & Development Division Deputy General Manager of Nuclear Power Division
■■ Efforts toward Decarbonization
We will decarbonize our power sources and advance decarbonization by collaborating with other companies.
Renewable Energy
（Hydroelectric, wind power, etc.）
Thermal Power
Major power sources for decarbonization.
Development of renewable energy sources, including hydropower and wind power, will be promoted by means of collaboration with other
companies, etc.
Thermal power is necessary for supply and demand balance and as a stable supply source to complement the output fiuctuations of renewable energy power sources caused by weather conditions. We work toward decarbonization by increasing biomass co-combustion ratios and upgrading to high-efficiency
power generation stations.
Balancing stable supply and decarbonization
Nuclear Power
Hydrogen, ammonia, and CCUS＊
Nuclear power is an important baseload power source contributing to decarbonization. The utilization of nuclear power is fundamentally premised on
"safety first."
Effective measures for zero emission thermal power.
We work toward commercialization and introduction by proactively participating in discussions and studies, including collaboration
with other companies.
Image of decarbonization of power sources
Amount of generated power
Now
2050
Pushing forward with decarbonization is a major social issue. As a trusted energy provider chosen by the community, the Group has formulated a roadmap for achieving carbon neutrality by 2050. Decarbonization of power sources is a must in order to achieve this target, and various efforts are already underway.
CO2 Emissions
Hydrogen, ammonia, and thermal power plant with CCUS
Thermal Power
（Coal, LNG, petroleum）
Nuclear power
Thermal Power
（Biomass）
Renewable Energy
Promotion of Efforts toward Decarbonization of Power Sources
For thermal power generation, we are making efforts to further increase biomass fuel
co-combustion ratios, and we are planning to build the LNG-fired Unit 2 at Toyamashinko Thermal Power Station, which will prove a valuable step in this transition, due to its low CO2 emissions. Our goal for the future is to transition to using
zero-emissions fuels like hydrogen and ammonia.
In hydroelectric power, the Group is working as one to take maximum advantage of the Hokuriku region's abundant water resources, by developing new hydroelectric facilities, and repowering existing hydroelectric power stations.
We will continue to collaborate closely with the businesses, local communities, and others in our region, as we work steadily toward achieving carbon neutrality.
＊ Abbreviation of"carbon capture, utilization, and storage"
About the Hokuriku Electric Power Group
Message
from the President Materiality
The Value Creation Process
External Officer
New Mid-term Business Plan
Pillar Ⅱ
Interviews ESG Data
Decarbonization Initiatives
for Power Sources ■ ■ Development of Renewable Energy Sources
Development of Hydroelectric Power Generation
Results
Renewable Energy Development Amount
+550,000 kW＊1＊１ Compared to FY 2018
Development capacity with operational or implementation approval
（Breakdown）
Operation Started
Hydroelectric Power: 40,000 kW
Since our inception, we have harnessed the Hokuriku region's abundant water resources to develop and expand our hydroelectric power generation capabilities.
In the future, to further utilize the abundant water resources of the Hokuriku region, we will continue to work to increase hydroelectric power generation by constructing new hydroelectric power stations and repowering existing ones, pushing forward with the decarbonization of power sources.
New Development（Planned Opening） Repowering（Planned Construction Completion）
Wind Power: 10,000 kW
Biomass: 240,000 kW
Tsurugi Furumachi（May 2025） 584 kW
P30
Photovoltaic: 270,000 kW
（including PPA and Easy Solar）
Ratio of Non-fossil Sources
23%＊2
＊2 Based on electricity generated
CO2 emission reduction
42% reduction＊3
＊3 Compared to FY 2013, based on retail electricity sales volume
Akarajima（Sep. 2025） increase of 180 kW
Construction Complete
Construction Complete
Shirayama（Jul. 2025） increase of 110 kW
Dainichigawa No. 2（Apr. 2026） increase of approx. 600 kW
Hanatate（2030） 2,000 kW
Betsumatadani（Jun. 2024） 440 kW
Operation Started
Operation Started
Shin-Himekawa No. 6（Apr. 2022） 27,900 kW
Construction Complete
Banbajima（May 2025） increase of 150 kW
Construction Complete
Nagatogawa No. 1（Apr. 2029） increase of approx. 200 kW
Asuwa（Mar. 2027） increase of approx. 200 kW
Kuzuyama（May 2023） increase of 676 kW
Operation Started
Konomoto（Apr. 2023） 660 kW
Miza（May 2026） increase of approx. 800 kW
Shiramine（May 2027） increase of approx. 1,300 kW
Mitsumata No. 1（May 2027） increase of approx. 500 kW
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Hokuriku Electric Power Company published this content on November 28, 2025, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on November 28, 2025 at 06:04 UTC.
