Unaudited Financial Release (Consolidated) for the Third Quarter
The information below is an English translation of extracts from Unaudited Financial Release(Consolidated) for the third quarter that has been filed with the major Japanese stock exchanges (Tokyo)
for public inspection. These financial statements have been prepared in accordance with accounting
principles and practices generally accepted in Japan.
January 31, 2024
The Kansai Electric Power Co., Inc. (Code: 9503)
6-16 Nakanoshima 3-chome, Kita-ku, Osaka(URL https://www.kepco.co.jp/)
Company Representative: Nozomu Mori, Director, Representative Executive Officer, President
Contact: Hironori Kakiguchi, General Manager, Office of Accounting and Finance
Tel: 050-7105-9084
Ⅰ. Performance over the Nine-Months ended December 31, 2023 and 2022
(Figures are rounded down to the nearest million yen)
1. Results of Operations(Million yen)
Nine-Months
ended December 31
2022
2023

Change
22/21

23/22

Operating Revenues

2,773,136

2,998,064

42.2%

8.1%

Operating Income-219,325

612,692――

Ordinary Income *-177,789

639,414――Net Income attributable to owners ofthe parent-124,427

351,035――-139.41 yen

393.31 yen――――――Net Income per Share
Fully Diluted Net Income per Share

Comprehensive income
Nine-months ended December 31, 2023: 424,523 million yen
Nine-months ended December 31, 2022:
22,094 million yen
Notes: Ordinary Income means Income before Provision for/Reversal of Reserve for Fluctuations inWater Level, Special Item and Income Taxes.
2. Financial Position
As ofMarch 31, 2023
8,774,425
1,839,782
20.4%

Total Assets
Net Assets
Equity Ratio
Notes: Equity capital
As of December 31, 2023:
As of March 31, 2023:

2,160,112 million yen
1,788,781 million yen

1(Million yen)
As ofDecember 31, 2023
8,756,949
2,216,813
24.7%

Ⅱ. Dividends

FY 3/2023
FY 3/2024

Interim dividend
per share
25.00 yen
25.00 yen

Year-end dividend
per share
25.00 yen
25.00 yen (Forecast)

Annual dividend
per share
50.00 yen
50.00 yen (Forecast)

Ⅲ. Financial Forecasts
Operating Revenues
Operating Income
Ordinary Income
Net Income attributable to owners of the parent
Net Income per Share

(Billion yen)
4/1/2023 – 3/31/2024 (Forecasts)
4,050
530
570290324.92 yen

Ⅳ. Other
1. Change in major consolidated subsidiaries: None
2. Difference in major accounting methods from the latest consolidated financial year: None
3. Number of shares outstanding (included Treasury stock)
As of December 31, 2023:
938,733,028 shares
As of March 31, 2023:
938,733,028 shares
4. Number of Treasury stock
As of December 31, 2023:
As of March 31, 2023:

46,207,267 shares
46,236,287 shares

5. Number of Average stock
As of December 31, 2023:
As of December 31, 2022:

892,521,684 shares
892,501,869 shares

Notes: We have adopted BIP (Board Incentive Plan) Trust mechanism, and the number of treasury
stock at year end includes our shares held by said trust account (413,849 shares as of December
31, 2023). Additionally, our shares held by said trust account are included in treasury stock thatis deducted in the calculation of the number of average stock.

Notification(Response to a Business Improvement Order chiefly concerning the fact that our officers andemployees received a large amount of money and kind from the former deputy mayor at TakahamaTown, Fukui Prefecture)
We offer our most sincere apologies for the inconveniences and concern placed upon our customers,
shareholders, investors and other parties involved regarding issues such as company executives andemployees receiving cash and gifts from external stakeholder.
In response to the Business Improvement Order issued against The Kansai Electric Power Co., Inc.
(KEPCO) on March 29, 2020 under the Electricity Business Act in connection with this issue, KEPCO
developed a business improvement plan for recurrence prevention on March 30, 2020 and reported thedecision of specific measures to prevent reoccurrences and the progress of them to the Ministry of Economy,
Trade and Industry on June 29, October 13, 2020 and March 2, December 27, 2021.

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We will ensure the implementation of those measures. And then we will follow up the implementation inlight of external objective perspectives and if we need, we will add the improvement measures.
All officers and employees will make best efforts for recovery of trust, with an unwavering resolve tocreate completely new KEPCO.
(Response to a Business Improvement Order concerning the Antimonopoly Law in connection
with transactions of special high-voltage and high-voltage electric power)
In connection with transactions of special high-voltage and high-voltage electric power, we wasacknowledged that it had conducted acts against Article 3 of the Act on Prohibition of Private
Monopolization and Maintenance of Fare Trade, which prohibits unreasonable restriction of trade (March30, 2023). We had received neither the cease and desist order nor the payment order for a surcharge.
As for this case, we sincerely apologize to our customers, shareholders, investors and relevant persons
for great concern and trouble.
In response to the Business Improvement Order (July 14, 2023) issued under the Electricity Business Act
regarding this incident, we formulated a business improvement plan to prevent recurrence and reported theplan to the Minister of Economy, Trade and Industry (August 10, 2023).
In the future, we will throughout adhere to measures to prevent recurrence and work to nurture corporate
culture with an emphasis on compliance, so as not to bring about these situations again. Through these
initiatives, we will devote ourselves to recover trust from the general public.
(Response to a Business Improvement Order concerning the Electricity Business Act Law, etc.
concerning the inappropriate handling of information on Customers of New Electric Power)
With respect to issues that The Kansai Electric Power Co., Inc. (KEPCO) browsed and used information
on customers of other power producers and suppliers and that Kansai Transmission and Distribution, Inc.
leaked the information on the customers, we sincerely apologize because we inappropriately handled theinformation on the customers and brought about situations shaking fair competitions among power
producers and suppliers.
In response to the Business Improvement Order (April 17, 2023) issued under the Electricity Business Act
regarding this incident, we formulated a business improvement plan to prevent recurrence and reported theplan to the Minister of Economy, Trade and Industry (May 12, 2023).
We will work hard on strengthening internal control and reforming corporate culture asstated in our business improvement plans, while making evaluations from an outside
viewpoint by the further involvement of the Board of Directors and the Audit Committee.
Through these efforts, we will steadily promote the business improvement plans.
The Group will make utmost efforts across the Group in order to be transformed into a corporate groupwhich will be able to throughout adhere to compliance in fact.

3<Reference >Electricity Sales(GWh)
Nine-months
ended Dec. 31, 2022

Nine-months
ended Dec. 31, 2023

Change (%)

93,294

99,173

106.3

Retail electric sales

81,585

86,166

105.6

Residential

21,024

21,342101.5

60,56164,824107.0

11,70913,007

111.1

Total electric sales

Commercial andIndustrial
Electricity sales to othernon-utility companies

Notes: Total electricity sales to KEPCO in Energy Business. Some rounding errors may be observed.
The amount of electricity sales to other non-utility companies and total electric sales
represent the amount of electricity known as of the date of submission (January 31, 2024).

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Consolidated Balance Sheets
Account(Assets)
Non-current assets
Electric utility plant and equipment
Hydroelectric power production facilities
Thermal power production facilities
Nuclear power production facilities
Transmission facilities
Transformation facilities
Distribution facilities
General facilities
Other electric utility plant and equipment
Other non-current assets
Construction in progress
Construction and retirement in progressSpecial account related to nuclear power
decommissioning
Special account related to reprocessing of spent nuclear
fuel
Nuclear fuelLoaded nuclear fuelNuclear fuel in processing
Investments and other assets
Long-term investments
Long-term investments in subsidiaries and associates
Deferred tax assets
Other
Allowance for doubtful accounts
Current assets
Cash and deposits
Notes and accounts receivable and contract assets
Inventories
Other
Allowance for doubtful accounts
Total assets

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As ofMar. 31, 2023

(Million yen)
As ofDec. 31, 2023

7,509,794
3,591,167
300,579
260,956
903,806
750,850
425,872
817,989
113,216
17,896
959,936
850,237
625,078

7,449,132
3,852,322
301,652
271,303
1,147,763
770,957
429,352
815,899
112,414
2,979
951,716
472,802247,952

45,12339,133

180,035

185,716

494,026
72,327
421,698
1,614,426
510,004
663,358
347,250
120,232-26,4211,264,630
266,961
404,623
251,514344,811-3,2818,774,425

475,574
82,766392,808
1,696,715
597,438
694,727
294,289
136,062-25,802
1,307,817
390,107
349,098
281,996
289,850-3,2358,756,949

Consolidated Balance Sheets
Account(Liabilities)
Non-current liabilities
Bonds payable
Long-term borrowings
Provision for loss on guarantees
Liability for retirement benefits
Asset retirement obligations
Deferred tax liabilities
Other
Current liabilities
Current maturities of long-term debt
Short-term borrowings
Commercial papers
Notes and accounts payable
Accrued income taxes
Other current liabilities
Reserves under special laws
Reserve for water shortage
Total liabilities(Net Assets)
Shareholders’ equity
Share capital
Capital surplus
Retained earnings
Treasury sharesAccumulated other comprehensive income
Valuation difference on available-for-sale securities
Deferred gains or losses on hedges
Foreign currency translation adjustments
Defined retirement benefit plans
Non-controlling interests
Total net assets
Total liabilities and net assets

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As ofMar. 31, 2023

(Million yen)
As ofDec. 31, 2023

5,317,416
1,600,020
2,577,807
1,844
362,293534,566
7,547
233,336
1,592,212
518,324
155,520
162,000
189,699
40,461
526,206
25,01325,013
6,934,642

5,016,346
1,478,500
2,378,866
1,938
358,104540,392
16,320242,223
1,501,113
569,752
159,457－
151,962
182,756
437,184
22,676
22,676
6,540,136

1,617,548
489,320
66,854
1,158,895-97,522
171,233
88,86734,276
48,811-722
51,001
1,839,782
8,774,425

1,924,082
489,320
66,996
1,465,267-97,503
236,030
112,485
45,277
78,153113
56,7002,216,813
8,756,949

Consolidated Statements of Operations
Account
Ordinary revenues and expenses
Operating revenue and expenses
Operating revenue
Electric
Other
Operating expenses
Electric
Other
Operating income or loss
Non-Operating revenues and expenses
Non-operating revenues
Dividend received
Interest revenue
Share of profit of entities accounted for using equity
methodOther
Non-operating expenses
Interest expenses
Other
Total ordinary revenue
Total ordinary expenses
Ordinary income or loss
Provision or reversal of reserve for water shortage
Reversal of reserve for water shortage
Extraordinary losses
Losses due to the cancellation of the power plant construction
Income or loss before income taxes and minority interests
Income taxes-current
Income taxes-deferred
Income taxes
Net income or loss
Net income attributable to non-controlling interests
Net income or loss attributable to owners of parent

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Nine-months
ended
Dec. 31, 2022

(Million yen)
Nine-months
ended
Dec. 31, 2023

2,773,136
2,097,565
675,570
2,992,461
2,395,438
597,023-219,325

2,998,064
2,330,959
667,105
2,385,372
1,833,844
551,527
612,692

70,301
13,493864
26,06862,017
20,7594,105
16,902

29,87428,765
17,71911,046
2,843,437
3,021,227-177,789-632-632－－-177,157
5,164-60,770-55,606-121,551
2,876-124,427

20,25035,295
21,62813,666
3,060,082
2,420,667
639,414-2,337-2,337
122,691
122,691
519,060
114,838
48,923
163,761355,298
4,262
351,035

Consolidated Statements of Comprehensive Income
AccountNet income or loss
Other comprehensive income
Valuation difference on available-for-sale securities
Deferred gains or losses on hedges
Foreign currency translation adjustments
Defined retirement benefit plans
Share of other comprehensive income in associates
Total other comprehensive income
Comprehensive income(Breakdown)
Attributable to owners of parent
Attributable to non-controlling interests

Nine-months
ended
Dec. 31, 2022
-121,551(Million yen)
Nine-months
ended
Dec. 31, 2023
355,298

3,853
92,781
22,076924
24,010143,646
22,09420,045
12,57815,672858
20,06869,224
424,523

16,642
5,451

415,832
8,690(Additional Information)
Recording an Extraordinary losses.
Cancellation of the Wakayama power plant construction project.
Due to the decision to the cancellation of the Wakayama power plant construction project on December 19,2023, we have recorded extraordinary losses of 122,691 million yen was recorded as losses due to thecancellation of the power plant construction.

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