FY2024 First Quarter
Consolidated Financial Results(Note) The company’s fiscal year (FY) is from April 1 to March 31 of the following year in this material.
“1Q” refers to the period from April 1 to June 30.

JERA Co., Inc.
July 31, 2024
© 2024 JERA Co., Inc. All Rights Reserved.

1

Outline of Financial Results
Consolidated Statement of Profit or Loss
2024/1Q(A)2023/1Q(B)(Unit: Billion Yen)

Change(A-B) Rate of Change(%)

Revenue (Net sales)

765.9

935.9

-169.9-18.2

Operating profit

134.4

255.2

-120.7-47.3

Quarterly profit

93.4

178.4

-85.0

-47.7

<Reference>
Quarterly profit excluding time

73.0

23.1

49.9

215.6

lag

Consolidated Statement of Financial Position
As of
Jun 30,2024 (A)(Unit: Billion Yen)

As of Mar
31,2024(B)

Change(A-B) Rate of Change(%)

Assets8,708.6

8,508.1

200.5

2.4

Liabilities

5,671.6

5,849.5-177.8-3.0

Equity3,037.0

2,658.6

378.3

14.2

© 2024 JERA Co., Inc. All Rights Reserved.

2

Key Points of Financial Results【Revenue】➢ Revenue decreased by 169.9 billion yen (down 18.2%) from the same period
last year to 765.9 billion yen mainly due to a decrease of income unit price inelectrical energy sales.

【Quarterly profit】➢ Quarterly profit decreased by 85.0 billion yen from the same period last year 178.4
billion yen to 93.4 billion yen.

・The effect of time lag decreased.
(-134.9 billion yen [155.3 billion yen to 20.3 billion yen])・Quarterly profit excluding time lag increased.
(+49.9 billion yen [23.1 billion yen to 73.0 billion yen])➢ Quarterly profit excluding the time lag increased mainly due to the improvement of
impact on fuel procurement price and the impact of fuel inventory unit prices although
the profit from overseas power generation and renewable energy business and fuelbusiness decreased.

© 2024 JERA Co., Inc. All Rights Reserved.

3

Change Factors of Quarterly Consolidated Profit➢

Quarterly profit excluding the time lag increased mainly due to the improvement of impact on fuelprocurement price and the impact of fuel inventory unit prices although the profit from overseas power
generation and renewable energy business and fuel business decreased.
Quarterly profit excluding time lag ＋49.9
Time lag effect -134.9

2023/1Q

・Improvement of LNG competitiveness +17.7
・Gain/loss on sale of LNG +4.2
・Improvement of coal competitiveness +30.4
・Profit/loss on valuation of contracts for coals, etc. +12.8(Unit : Billion Yen)

200

150

100

178.4

2024/1Q

Overseas power
generation andrenewable
Impact ofenergyImpact on
fuel
businessfuelinventory
profitFuelprocurement unit prices
decreasebusiness
Time lagpriceprofit12.4
effect-25.8
decrease+155.3

65.1

50

-7.0

Time lageffectOthers

+20.3

5.2

73.0

93.4

23.1

0
Quarterly
profitQuarterly
profit excl.
time lag

Quarterly
profit excl.
time lag

Quarterly
profit*Figures are after-tax.

© 2024 JERA Co., Inc. All Rights Reserved.

4

Consolidated Statement of Profit or Loss
2024/1Q(A) 2023/1Q(B) Change(A-B)(Unit: Billion Yen)
Main Factors of Changes

Revenue(Net sales)

765.9

935.9

Operating expenses

643.1

705.7

-62.6 • Decrease of fuel costs

11.5

25.0

-13.5 • Equity method profit / loss -16.5

Operating profit

134.4

255.2

-120.7

Financial income

20.6

16.1

4.5 • Increase of interest received +5.6

Financial costs

18.7

20.7

income and loss -3.8
-1.9 •• Exchange
Increase of interest paid +1.1

Profit before tax

136.2

250.5

Income tax expense

22.2

47.4

-25.2

Quarterly profit attributable
to non-controlling Interests

20.6

24.6

-3.9

Quarterly profit

93.4

178.4

-85.0

Other operating income/ lossof income unit price in-169.9 • Decreaseelectrical energy salesof time lag effect-114.2 • Decrease-134.9 (155.3 → 20.3)© 2024 JERA Co., Inc. All Rights Reserved.

Consolidated Statement of Financial Position

5(Unit: Billion Yen)
ChangeMain Factors of Changes(A-B)
96.9 • Increase in JERA, etc.
3.1

As of Jun
30,2024 (A)1,502.3
2,808.6

As of Mar
31,2024(B)1,405.3
2,805.4

Investments accounted forusing equity method

1,318.6

1,235.2

83.3

Others3,079.0

3,062.0

16.9

AssetsInterest-bearing
liabilities

8,708.6

8,508.1

200.5

3,174.0

3,103.6

70.3 • Corporate Bonds +68.7

Others2,497.6

2,745.8-248.2 liabilities (JERAGM, etc.) -141.7

Liabilities
Equity attributable toowners of parent

5,671.6

5,849.5-177.82,949.3

2,632.6• Foreign currency translation
316.6 adjustments +131.1• Quarterly profit +93.4

Non-controlling interests

87.7
3,037.0

25.9
2,658.6

61.7
378.3

Cash and cash equivalents
Property, plant and equipment

Equity• Decrease of derivative© 2024 JERA Co., Inc. All Rights Reserved.

Consolidated Statement of Cash Flows6(Unit: Billion Yen)

2024/1Q(A)2023/1Q(B)

Change(A-B)

6.9

488.2

-481.2

Purchase of property,
plant, and equipment

-37.0

-45.5

8.4

Purchase of investment
securities

-4.7

-0

-4.7

Others

-4.2

17.0

-21.3

-46.0

-28.4

-17.5

-39.1

459.7

-498.832.0-144.7

176.8

-

-

-

35.3

-79.2

114.6

67.4

-224.0

291.4

96.9

299.3

-202.3Operating cash flow

Investment cash
flow

Free cash flows
Increase (decrease) ininterest-bearing debt

Financial cash flow

Dividends paid *OthersIncrease (decrease )in cash and cash equivalents(minus indicates decrease)* Excluding Dividends paid to non-controlling interests© 2024 JERA Co., Inc. All Rights Reserved.

7

Segment Information(Unit: Billion Yen)
2024/1Q(A)FuelOverseas power
generation andrenewable energy

2023/1Q(B)Revenue

Quarterly
profit /
Loss

108.7

29.5

16.2

5.4

Change(A-B)

Revenue

Quarterly
profit /Loss

Revenue

Quarterly
profit /
Loss

128.7

36.6

-19.9

-7.0

5.6

31.3

10.5

-25.8

Domestic thermal
power generationand gas

875.5

50.5
30.2※2

1,070.7

109.0-46.2※2-195.2-58.4
76.5※2Adjustments※1-234.67.8-269.2

1.4

34.6

6.3

Consolidated

765.9

93.4
73.0※2

935.9

178.4
23.1※2-169.9-85.0
49.9※2Main Factors of Changes
in Quarterly profit / Loss
(excl. time lag)•Profit decrease in JERAGM, etc.

•Gain on reversal of impairment
loss in Formosa 2 in FY23 -19.6•Profit decrease in overseas
IPPs, etc -6.2
•Improvement of LNG
competitiveness +17.7•Gain/loss on sale of LNG +4.2
•Improvement of coalcompetitiveness +30.4•Profit/loss on valuation ofcontracts for coals, etc. +12.8•Impact of fuel inventory unit
prices +12.4•Elimination of unfulfilled fuelcontracts +3.3

※1 : “Adjustments” includes headquarter expenses and consolidation adjustments such as intersegment eliminations※2 : Excluding the effect of time lag© 2024 JERA Co., Inc. All Rights Reserved.

8(Reference) : JERA’s Value Chain and Segment➢ JERA owns the entire supply chains for fuel and thermal power generation, from fuel upstream business(development of gas fields) to transportation and storage (fuel terminal operation) to power generation
and wholesaling.
➢ We have three business segments; "Fuel business" for investment in fuel upstream, transportation andtrading business, "Overseas power generation and renewable energy business" for investment inoverseas power generation and domestic and overseas renewable energy business, and "Domestic
thermal power generation and gas business" for sales of electricity and gas in Japan.
Overseas power
generation andrenewable energy
business

Fuel business

Overseas Power
Generation

RenewableenergyOptimization andTrading
Fuel Upstream
Development

FuelTransportation
Receiving andStorage

Domestic Power
Generation

Electricity and
Gas Sales

Fuel
Procurement

Domestic thermal
power generation andgas business© 2024 JERA Co., Inc. All Rights Reserved.

9

FY2024 Forecast➢

Profit excluding the time lag is expected to be around 150 billion yen, while time lag profit is projected to
be 50 billion yen, with a total profit of around 200 billion yen. (No change from the previous forecast)➢

Results may fluctuate due to changing trends in fuel markets and other factors.
Current
Forecast(A)ProfitTime lag effectProfit excl. time lag

Previous
Forecast(B)(Unit: Billion Yen)
【Reference】
FY2023 Result

Change (A-B)

200.0

200.0

-

399.6

50.0
150.0

50.0
150.0

-

250.9
148.7

-

[ Breakdown for each segment ]Current
Forecast(A)Previous
Forecast(B)(Unit: Billion Yen)
【Reference】
FY2023 Result

Change (A-B)

150.0

150.0

-

148.7

Fuel

100.0

100.0

-

132.6

Overseas power generation
and renewable energy

20.0

20.0

-

33.7

Domestic thermal power
generation and gas

60.0

60.0

-

4.4

Adjustments

-30.0

-30.0

-

-22.1

Profit excl. time lag*Breakdown is based on rough estimates at the disclosure date.
© 2024 JERA Co., Inc. All Rights Reserved.

Appendix© 2024 JERA Co., Inc. All Rights Reserved.

10

Key Elements[2024/1Q Results]
2024/1Q(A)Electrical Energy
Sold (TWh)Crude Oil Prices(JCC)(dollar/barrel)
Foreign Exchange Rate(yen/dollar)

2023/1Q(B)

Change(A-B)

45.9

48.1

-2.1

87.4

84.1

3.3

155.9

137.4

18.5

Note: Crude Oil Prices(JCC) for 2024/1Q is tentative.

[FY2024 Forecast](Of these, from
June onwards)

Previous Forecast【Reference】
FY2023 Result

Approx.86

Approx.85

Approx.80

86.0

Approx.155

Approx.155

Approx.141

144.6

Current
Forecast
Crude oil prices(JCC)(dollar/barrel)
Foreign exchange rate(yen/dollar)© 2024 JERA Co., Inc. All Rights Reserved.

Trends in Crude Oil Price and Exchange Rates

11

Crude oil prices（JCC）

$/b
100.0
90.0
80.0
70.0

FY202360.0

FY202450.0
40.0

Apr May Jun

Jul

Aug Sep Oct Nov Dec Jan Feb Mar

Exchange rates

Yen/＄
160.0
150.0
140.0

FY2023130.0

FY2024

120.0
110.0
100.0

Apr May Jun

Jul

Aug Sep Oct Nov Dec Jan Feb Mar© 2024 JERA Co., Inc. All Rights Reserved.

Image of Time Lag （2023/1Q－2024/1Q）

12➢ Time lag is profits and losses due to the time difference between changes in fuel prices and their reflection
in sales prices.
➢ The impact on profits and losses will be neutral in the medium to long term.

2023/1Q

2024/1Q

Elements of Income

Elements of Cost
Income155.3
billion yen*2023/4

Income20.3
billion yen*2023/102024/4* Figures are after-tax amounts.
© 2024 JERA Co., Inc. All Rights Reserved.

13

Image of Time Lag （FY2023－FY2024）

Elements ofIncomeFY2023

FY2024

Income250.9
billion yen*

Income50.0billion yen*

Elements of
Cost

2023/42023/102024/42024/102025/3* Figures are after-tax amounts.
© 2024 JERA Co., Inc. All Rights Reserved.

14Electrical Energy Sold and Electrical Power Generated[ Electrical Energy Sold(TWh) ]Apr to Jun

FY202445.9

FY202348.1

Jul to Sep

Oct to Dec

Jan to Mar

Total

45.9
67.3

58.2

62.6

236.2

[ Electrical Power Generated(TWh) ]Apr to Jun

FY2024

Jul to Sep

Oct to Dec

Jan to Mar

Total

45.1

45.1

LNG

33.0（73％）33.0（73％）Coal

12.1（27％）12.1（27％）

Others0.1（0％）

0.1（0％）FY2023

47.5

66.2

55.0

62.2

230.9

LNG

36.2（76％）48.8（74％）41.7（76％）47.5 (76%)

174.2 (75％)

Coal

11.2（24％）

17.2（26％）

13.3（24％）

14.3 (23%)

56.1 (25％)0（0％）

0.1（0％）0（0％）

0.4 (1%)0.6 (0％)

Others*The total may not match due to rounding.

Note: Electrical Power Generated for Apr to Jun of FY2024 is tentative.
© 2024 JERA Co., Inc. All Rights Reserved.

15

Credit Ratings[ Issuer Credit ratings history ]
S&P

R&I

JCR

AAA
AA+
AA
AA-

JCR AA-(Upgrade in Oct. 2019)

R&I A+A+A

S&P A-ABBB+BBBBBBMar
2018

Sep
2018

Mar
2019

Sep
2019

Mar
2020

Sep
2020

Mar
2021

Sep
2021

Mar
2022

Sep
2022

Dec
2022

Mar
2023

Jun
2023

Sep
2023

Dec
2023

Mar
2024

Jun
2024

© 2024 JERA Co., Inc. All Rights Reserved.

Topics© 2024 JERA Co., Inc. All Rights Reserved.

16

Topic:JERA Unveils 2035 Growth Strategy➢➢

JERA announced that “JERA Growth Strategy to Realize 2035 Vision, Financial Strategy” and “Financial Target Levels Targeted
for by 2035”.
JERA strategically emphasizes three key business pillars: LNG, renewables, and hydrogen & ammonia. In addition, JERA
classifies our organization into three key areas: business development, optimization, and O&M to create synergies by forming
and promoting a global group of independent experts while collaborating across borders and functions.

Focus Investment

Refine Business Functions

Strategic Positioning (SP)Operational Capabilities (OC)

Decide where to invest and where not to invest

Enhance the way you work on a daily basis

Business
Development

LNG

Smart investment

AI & Digital

Renewables

Hydrogen&Ammonia

Optimization
Optimize energy flow

O&M
Safe/flexible operation

Provide cutting- edge solutions that meet the geographic andeconomic characteristics of each customer, region and country
References： JERA Unveils 2035 Growth Strategy (jera.co.jp)© 2024 JERA Co., Inc. All Rights Reserved.

Overview of each segment© 2024 JERA Co., Inc. All Rights Reserved.

Fuel Business:

Fuel Upstream / Transportation Business

Upstream
Dev

Optimization& Trading

Fuel
Proc.

Transportation

Overseas
Power Gen.
& Renewable Energy

Receiving& Storage

Domestic
Power
Generation

17
Electricity&
Gas Sales➢ Demand for LNG has increased in Europe and Asia as low-carbon energy. However, JERA participates in LNG
upstream projects by leveraging one of the world‘s largest LNG transaction volume (FY2022: Approximately 35
million tons*) to achieve stable energy supply. JERA secures stable LNG sources by building portfolio which candiversify procurement risk as well as acquire the information related to procurement and the market trend.
➢ Additionally, JERA owns fuel carriers that contribute to highly consistent, flexible, and competitive fuel supply.
➢ In June 2022, a fire incident occurs at the Freeport LNG terminal, shutting down operations at the terminal.
In March 2023, regulatory approvals for resumption of production were obtained one by one. And production has
resumed at all lines.
*1 JERA Group as a whole

Fuel Upstream Project
LNG Production /Liquefaction Capability

Investment Ratio

Darwin LNG Project

Approx. 3.7 million tons/year

6.132%

Gorgon LNG Project

Approx. 15.6 million tons/year

0.417%

Ichthys LNG Project

Approx. 8.9 million tons/year

0.735%

Approx. 8.9 million tons/year

Gas field: 10%, LNG plant: 8%

Barossa gas field Project

LNG production and liquefaction capacity is thesame scale as Darwin LNG Project.

12.5%

Scarborough Gas Field Project

Approx. 8.0 million tons/year at maximum(Supply will be planned to start in 2026)

15.1%

Approx. 5.15 million tons/year

25%

Approx. 15.45 million tons/year*4 for all three lines

21.9%

Project Name

Wheatstone LNG Project*2

Freeport LNG Project (Train1)
Freeport LNG Development, L.P.*3,5

Country

Australia

United States*2 Ratio of capital contribution through PE Wheatstone, in which JERA invests*3 Freeport LNG Project Management Company *4 Including 5.15 million tons/year from Train 1* 5 Ratio of capital contribution through Gulf Coast LNG Holdings LLC, in which JERA invests© 2024 JERA Co., Inc. All Rights Reserved.

Fuel Business:

Trading Business

Upstream
Dev

Optimization& Trading

Fuel
Proc.

Transportation

18

Overseas
Power Gen.
& Renewable Energy

Receiving& Storage

Domestic
Power
Generation

Electricity&
Gas Sales➢ In addition to the Singapore headquarters, JERAGM has offices in the United Kingdom, the United States,
and Japan, and holds approximately 300 employees who engage in asset-backed trading.
➢ Utilizing the global trading network, JERAGM supplies LNG and coal to JERA’s domestic power generation
business. Leveraging this commercial flow, JERAGM has been able to achieve both supply stability and the
expansion of profits by efficiently capturing profit opportunities through transactions with markets and third
parties.
➢ JERAGM trades within the limited volume under the governance of the Board of Directors elected byshareholders.
Procurement contract
Sales contract
JERA’s Portfolio

JERA’s Power plants

DES (Delivered Ex Ship)

LNG suppliers and traders⚫ Achieves the stable fuelprocurement for JERA
through adjusting volume
needs in the market⚫ Pursues the profit-earning
opportunities based on
global-level market
intelligence, by leveraging
the flexibility of the
procurement contracts

Domestic and overseas LNG
traders and users

LNG terminals in Europe
JERA’s Power plants(Including Power plants ofAffiliated Companies)

Coal

Coal

Coal suppliers and traders

JERAGM

LNG

LNG

FOB (Free on Board)

Domestic and overseas coaltraders and users

Financial Market© 2024 JERA Co., Inc. All Rights Reserved.

Domestic Thermal Power and Gas Business:

Progress of Replacement of Thermal Power Plants
in Japan

Upstream
Dev

Optimization& Trading

Fuel
Proc.

Transportation

19

Overseas
Power Gen.
& Renewable Energy

Receiving& Storage

Domestic
Power
Generation

Electricity&
Gas Sales➢ JERA has been replacing with the latest high-efficiency thermal power generation facilities. Following
Taketoyo and Anegasaki New Unit 1, Anegasaki New Unit 2 began commercial operation in April,
Yokosuka Unit 1 in June, Anegasaki New Unit 3 in August 2023, and Yokosuka Unit 2 in December 2023.
➢ Construction and commissioning of Goi Unit 1 to 3 are well underway.
➢ Unit 1 to 4 of Chita were abolished in FY2021. Unit 5 is planned to be abolished in FY2026 and is being
considered for replacement with the latest high-efficiency thermal power generation (environmental
impact assessment has been conducted).
Anegasaki
0.65 x 2

Anegasaki
0.65
FY2021<Abolished>Goi
0.78 x 3

Taketoyo
1.07<Newly established>

FY2022[Unit:GW]

Coal

Yokosuka
0.65 x 2
FY2023LNG
FY2024FY2025

FY2026

Chita
0.85

Chita
0.53 x 2
0.50
0.70*As of June 30, 2024

Development Point
Goi

Status of Development
Full-scale construction started in April 2021. Construction progress: 99%© 2024 JERA Co., Inc. All Rights Reserved.

Domestic Thermal Power and Gas Business:

Composition of Power Sources

Upstream
Dev

Optimization& Trading

Fuel
Proc.

Transportation

20

Overseas
Power Gen.
& Renewable Energy

Receiving& Storage

Domestic
Power
Generation

Electricity&
Gas Sales➢ 79% of our power source is LNG, which has low CO2 emissions.
➢ In coal, ultra super critical power generation system (USC), which emits comparatively
small amount of CO2, accounts for a large proportion. JERA will shut down all inefficient
coal power plants by 2030*1.

Composition of Power Sources*2
Fuel

Capacity(Generator output)

Coal

10.32 GW

(USC)

(8.92 GW)

LNG*3

46.29 GW

Oil

2.00 GW

Total

58.61 GW

Oil 3%

Coal 18%（USC 15%）
LNG 79%*1 Press release on October 13, 2020 “Towards Zero CO2 Emissions in 2050”
https://www.jera.co.jp/english/information/20201013_539*2 As of June 30, 2024. Includes capacity under construction.
Excludes capacity of affiliates.
*3 Includes LPG and City Gas.
© 2024 JERA Co., Inc. All Rights Reserved.

Domestic Thermal Power and Gas Business:

Domestic Thermal Power Plants

Upstream
Dev

Optimization& Trading

Fuel
Proc.

Transportation

Overseas
Power Gen.
& Renewable Energy

Receiving& Storage

Domestic
Power
Generation

21
Electricity&
Gas Sales➢ JERA owns nearly 40% of total thermal power generation capacity in Japan.3
List of Thermal Power Plants in Japan1(Total output and fuel type listed for each thermal power plant)
As of June 30,① Joetsu
2.38 GW ◆2024② Hirono

1.80
4.40 GW◆◆◆③ Hitachinaka

2.00 GW◆

0.65 GW◆⑤ Kashima

1.26 GW◆⑥ Chiba

4.38 GW◆

2.34 GW◆

1.20 GW◆

1.941 GW◆

⑩ Sodegaura

3.60 GW◆⑪ Futtsu

5.16 GW◆

Yokosuka <JERA Power YOKOSUKA>⑫ *Started*Scheduled
to startin
operationin phase
operation
December
2023 of1.30 GW◆⑬ Minami-Yokohama⑭ Yokohama

1.15 GW
3.016 GW◆◆

⑮ Higashi-Ohgishima⑯ Kawasaki

2.00 GW
3.42 GW◆◆⑰ Shinagawa

1.14 GW◆⑱ Atsumi⑲ Hekinan

1.40 GW
4.10 GW

◆◆
◆

④

⑦

Hitachinaka Kyodo<HITACHINAKA GENERATION>

Goi <GOI UNITED GENERATION>*Scheduled to start operation in FY2024⑧ Anegasaki⑨

Anegasaki <JERA Power ANEGASAKI>*Started operation in August 2023

0.65GW each from June 2023⑳

Taketoyo<JERA Power TAKETOYO>*Started operation in August 2022
㉑ Chita

1.07 GW◆

1.708 GW◆

㉒ Chita Daini㉓ Shin-Nagoya

1.708 GW
3.058 GW◆◆

㉔ Nishi-Nagoya

2.376 GW◆

㉕ Kawagoe

4.802 GW◆

㉖ Yokkaichi

0.585 GW◆

1 Power plant’s name <Operator’s name> 2 Includes jointly operated terminals in the Chita and Yokkaichi areas
3 reference: METI "Electricity Survey Statistics"© 2024 JERA Co., Inc. All Rights Reserved.

Overseas Power Generation and Renewable Energy Business:

Portfolio of Overseas Power Generation andRenewable Energy Business

Upstream
Dev

Optimization& Trading

Fuel
Proc.

Transportation

Overseas
Power Gen.
& Renewable Energy

Receiving& Storage

Domestic
Power
Generation

22
Electricity&
Gas Sales➢ JERA is expanding its businesses through the experience gained from projects around theworld. Total capacity of power generation in overseas projects is 13.58 GW (including underconstruction).
➢ JERA aims to secure funds and expand earnings by replacing its portfolio through the sale andreinvestment of assets to achieve an optimal asset structure in line with changes in thebusiness.
< Power Generation Capacity (As of June 30, 2024) >PORTFOLIO BY REGION
(GW)

2.24

Others
6%

13.58

11.34

North andCentralAmerica
32%

Asia
52%

MiddleEast
10%
In Operation

Under
Construction

Total© 2024 JERA Co., Inc. All Rights Reserved.

Overseas Power Generation and Renewable Energy Business:

List of Overseas Power Generation / Renewable
Energy projects (1)Upstream
Dev

Optimization& Trading

Fuel
Proc.

Transportation

Overseas
Power Gen.
& Renewable Energy

Receiving& Storage

Domestic
Power
Generation

23
Electricity&
Gas Sales(As of June 30, 2024)

Investment on Platform Companies* *Companies participating in multiple power generation projects
Country

Project Name

Investment ratio

Capacity

Fuel type25.0%~50.0%

2,323 MW

Aboitiz Power Corporation

27.57%

4,973 MW

Thailand

EGCO Corporation

12.3%

7,048 MW

Coal
Coal/Oil/
Renewable
Coal/Gas/
Renewable

Vietnam

Gia Lai Electricity Joint Stock Company

35.1%

515 MW

Solar/Wind/Hydro

India

ReNew Company

7.39%

15,700 MW

Solar/Wind/Hydro

Bangladesh

Summit Power IPP

22.0%

1,851 MW

Gas

Green Power Investment

5.62%

N/A

Offshore Wind

United Kingdom Zenobe Battery Storage

6.54%

731 MW-

100.0%

535 MW

Offshore Wind

TeaM Energy IPP

Philippines

Japan

Belgium

ParkwindNotes

Including underconstruction
Including underconstruction
Including underconstruction
Including underconstruction
Including underconstruction*1
Including underconstruction
Including underconstruction*1 The capacity only includes the offshore wind projects that JERA has agreed with other shareholders to utilize its management assets

Power Generation / Renewable Energy Projects(1/2)
Japan

Solar

100.0%

44 MW

Solar

Ishikari Bay New Port Offshore Wind Farm

100.0%*2

112 MW

Offshore Wind

19.5%~22.7%

3,060 MW

Gas

32.5%
49.0%
15.6%
10.0%

128 MW
376 MW
715 MW
1,000 MW

Offshore Wind
Offshore Wind
Gas
Coal

Chang Bin/Fong Der/Star Buck Gas Thermal IPP

TaiwanVietnamIndonesia

Formosa 1 Offshore Wind IPP
Formosa 2 Offshore Wind IPP
Phu My Gas Thermal IPP
Cirebon2 Coal Thermal IPP

Including underconstruction
Including underconstruction*2 This is actual investment ratio added direct investment by JERA and indirect investment through GPI.

© 2024 JERA Co., Inc. All Rights Reserved.

Overseas Power Generation and Renewable Energy Business:

List of Overseas Power Generation / Renewable
Energy projects (2)Upstream
Dev

Optimization& Trading

Fuel
Proc.

Transportation

24

Overseas
Power Gen.
& Renewable Energy

Receiving& Storage

Domestic
Power
Generation

Electricity&
Gas Sales(As of June 30, 2024)

Power Generation / Renewable Energy Projects(2/2)
Country

Investment ratio

Capacity

Fuel type

Ratchaburi Gas Power Thermal IPP

15.0%

1,400 MW

Gas

Solar Power IPP

49.0%

31 MW

Solar

Wind Power IPP

5.0%

180 MW

Onshore Wind

Bangladesh

Meghnaghat Gas Thermal IPP

49.0%

718 MW

Gas

UAE

Umm Al Nar Gas Thermal IWPP

20.0%

1,550 MWGas

Ras Laffan B Gas Thermal IWPP

5.0%

1,025 MWGas

Ras Laffan C Gas Thermal IWPP

5.0%

2,730 MWGas

Mesaieed Gas Thermal IPP

10.0%

2,007 MWGas

Umm Al Houl Gas Thermal IWPP

10.0%

2,520 MW

Gas

Oman

Sur Gas Thermal IPP

19.5%

2,000 MW

Gas

MexicoValladolid Gas Thermal IPP

50.0%

525 MW

Gas

Tenaska Gas Thermal IPP

11.1%~17.5%

2,950 MW

Gas

Carroll County Gas Thermal IPP

20.0%

702 MW

Gas

Cricket Valley Gas Thermal IPP

38.0%

1,100 MW

Gas

Linden Gas Thermal IPP

50.0%

972 MW

Gas

Compass Gas Thermal IPP

50.0%

1,123 MWGas

Brady Thermal IPP

100.0%

1,633 MW

Oil/GasEl Sauz Onshore Wind IPP

100.0%

302 MW

Onshore Wind

25.0%

173 MW

Offshore Wind

Thailand

Qatar

United States

Project Name

United Kingdom Gunfleet Sands Offshore Wind IPP

Notes

Under construction

Under construction© 2024 JERA Co., Inc. All Rights Reserved.

Progress of
JERA Zero CO2 Emissions 2050

© 2024 JERA Co., Inc. All Rights Reserved.

25

JERA Zero CO2 Emissions 2050:

Roadmap for its Business in Japan➢ JERA established “JERA Zero CO₂ Emissions 2050 Roadmap for its Business in Japan”,
including four initiatives.
Shut down
inefficient coal power plants
•

H

H

H
N

Demonstration

Start operation
at 20% conversion rate

Conversion of LNG to H2

H

2035

2050

Shut down all inefficient JERA coal power
plants by 2030 (supercritical or less)

Conversion of coal to Ammonia
H

2030

Demonstration

Resolvetechnical issues

CO₂
CO₂
conversion
emissionemission ammonia
Rateintensity
at least
as fuel

-20%

*

50%

Start
operation-60%“Zero”
CO₂
emission(Comparison Expansion
with FY2013)
ofConversion
rate

Renewable Energy••

Promote development focused on offshore wind power
Support introduction in the form of storage batteries*Reduce carbon emission intensity of thermal power plants by 20% based on the long-term energy supply-demand outlook for FY2030 as set by the government© 2024 JERA Co., Inc. All Rights Reserved.

26

JERA Zero CO2 Emissions 2050:

Efforts to Achieve Zero CO2 Emissions in JERA's Value Chain➢ JERA is participating in business throughout the value chains, from fuel upstream development,
transportation, and storage and to the power generation and electricity sales. JERA is working with many
countries and companies around the world to achieve zero emissions at each stage.

Fuel upstream
development

Power
generation
発電・販売
and sales

Fuel upstream development
Transportation and storagePower
generation

Fuel transportation⚫Building ammonia andhydrogen supply chain⚫Demonstration project for ammonia
conversion and conversion rate
improvement technology⚫Demonstration project for hydrogenutilization

Electricity
sales⚫Selling carbon-free electricity

Fuel receiving
and storage

Renewableenergy development
再生可能エネルギー開発⚫Development of wind and solar power generation and participation inthese projects
Renewables⚫Participation in battery storage business© 2024 JERA Co., Inc. All Rights Reserved.

JERA Zero CO2 Emissions 2050:

Efforts towards Zero CO2 Emissions (Ammonia and Hydrogen
Supply Chain)①
Field

Upstream
Development/Production

Business Partners

ReleaseDate

Contents

ADNOC (UAE)Consideration of cooperation in the fields of clean hydrogen and ammonia

2023/7

PIF (Saudi Arabia)

Consideration of opportunities for the development including green hydrogen production

2023/7TAQA (UAE)Consideration of project development in the area of decarbonization, including green hydrogenand ammonia production

2023/2

CF Industries (United States)

Joint Development Agreement for Low Carbon Ammonia Project2024/4

Yara (Norway)

Consideration of project development for blue ammonia production and sales & purchase ofclean ammonia

2023/1

Chevron (United States)

Consideration of collaboration on multiple lower carbon opportunities in Asia Pacific region(Australia) and the United States

2022/11

Exxon Mobil (United States)

The Joint Study to Develop Low Carbon Hydrogen and Ammonia Production Project2024/3

ReNew (India)

Agreement to Jointly Develop a Green Ammonia Production Project2024/4

Transportation Nippon Yusen / Mitsui O.S.K. Lines Consideration of transporting fuel ammonia for the Hekinan Thermal Power Plant

R&D(NEDO’s Project)272022/11NIPPON SHOKUBAI
Chiyoda Corporation

Development of large-scale ammonia cracking catalyst and technology

2023/6ENEOS

Construction of hydrogen quality standard system for industrial utilization

2023/6

Toyo Engineering Corporation(Japan)Survey of Hydrogen and Ammonia Demand, and Demonstration Research to Achieve Stable
Operation of Ammonia Cracking Equipment, in Thailand

2024/6© 2024 JERA Co., Inc. All Rights Reserved.

JERA Zero CO2 Emissions 2050:

Efforts towards Zero CO2 Emissions (Ammonia and Hydrogen
Supply Chain)②Field

Business Partners

Power Supply / Utilization

ReleaseDate

Contents

Kyushu Electric Powersigned a MOU concerning comprehensive discussions on collaboration aimed at achieving
decarbonization and a stable supply of energy supply

2023/10

Kyushu Electric Power
Chugoku Electric Power
Shikoku Electric Power
Tohoku Electric Power
Hokuriku Electric Power
Hokkaido Electric Power
Okinawa Electric Power

Consideration of cooperation in the adoption of hydrogen and ammonia as fuel for power
generation

2022/11~2023/12

Mitsui

Signed an Ammonia Sales and Purchase Agreement for its use in the demonstration project atthe Hekinan Thermal Power Station

2023/6

Graduate School in University of
Tokyo

Basic Agreement Concerning the Mainstreaming of Carbon-Free Power Combining Digital
Technology and Energy

2024/3Japan

Yamanashi prefecture
NYK Line, Resonac
JERA
Uniper (Germany)
EuropeEnBW / VNG (Germany)
EVN (Vietnam)
PPT (Thailand)

Asia

28

Aboitiz Power (Philippines)
EGCO (Thailand)
IHI Asia Pacific (Malaysia)
PT Pertamina (Indonesia)
PLN (Indonesia)

Conclusion of a Basic Agreement on Building the Hydrogen Energy Society of the Future:
2023/11
Building a Regional Hydrogen Value Chain
The Joint Study and Implement of Aimed at Achieving the World’s First-Ever Supply of Fuel2024/4
Ammonia to Ships
JERA Cross Launched to Accelerate Corporate Green Transformation (GX)
2024/5Signed a Heads of Agreement for the sale of low carbon hydrogen/ammonia produced in the US 2023/9
Consideration of the development of ammonia cracking technology for hydrogen production
2023/6Signed a MOU that commits the collaboration to establish a decarbonization roadmap for EVN
2023/10Consideration of collaboration on initiatives for expanding the supply chain and usage of2023/5hydrogen and ammonia towards decarbonization in Thailand
Consideration of cooperation in studies to decarbonize business and conversion using ammonia
2023/2
at a coal-fired power plant
Consideration of cooperation in conversion using ammonia towards decarbonization
2023/1
Consideration of collaboration on the expansion of ammonia usage in Malaysia
2022/10
Joint collaboration in building infrastructure LNG and hydrogen/ammonia and so on
2023/12Master Plan for Energy Transition Management Project in Indonesia
2024/2© 2024 JERA Co., Inc. All Rights Reserved.

29

JERA Zero CO2 Emissions 2050:

JERA’s decarbonization technologies development timeline➢ The demonstration test of ammonia 20% conversion rate (by calorie) concluded in June 2024
in Hekinan power plant Unit 4. Demonstration test of over 50% conversion rate will be
conducted by FY2028 at Hekinan Unit 5. After the demo tests, commercial operation will startat the power plants.
➢ Demonstration test of hydrogen 30% conversion rate (by volume) using JERA’s gas turbine
CC unit will be conducted by FY2028 targeting commercial operation in the mid 2030s.
～2030

conversion
rate

20%

～2035

FY2023late 2020s

Construction Demo Construction
for commercial
for demo
Test
operation

Start
Operation～2050

20% conversion rateearly 2030s~FY2028

Ammoniaconversion
rateOver 50%Development of burner/construction for demonstration

Demo
test

Construction
for commercial
operation

Start
Operation

Over 50% conversion rate

Development of Boiler/Gas Turbine for100% ammonia usage100%

mid 2030s~FY2028

Hydrogenconversion Construction Demo/100%
for demo
Test

100% ammonia
usage

Expansion of conversion rate /Development for enlargement

Start
operation

conversion rate of 30% (by volume)© 2024 JERA Co., Inc. All Rights Reserved.

30

JERA Zero CO2 Emissions 2050:

Efforts towards Zero CO2 Emission (Power Generation)
Initiatives for Ammonia Conversion
Project

Development of Technologies for Carbon Recycling and NextGeneration Thermal Power Generation / Research, Development,
and Demonstration of Technologies for Ammonia Co-Firing
Thermal Power Generation*Implemented as a granted project by NEDO

Green Innovation Fund Program / Establishment of Fuel Ammonia
Supply Chains project / Demonstration project to develop
technology to increase the ammonia co-firing rate at coal-fired
boilers• At Hekinan Thermal Power Station Unit 4 (power output: 1
million kW), JERA started electricity generation of 20%
ammonia conversion.

•

Overview

Pipeline

Installation of Tank,
Carburetor••

JERA aims to increase the ammonia conversion rate to
50% or more.
JERA will plan to develop a burner capable of 50% or moreammonia conversion, and to start 50% or more ammonia
conversion in actual equipment by FY2028.
JERA will plan to develop an ammonia-fired burner suitablefor coal boilers and verify that two units of different boiler
types can convert to ammonia more than 50% by FY2028.

Unit 4Hekinan Thermal Power Station

Initiatives for Hydrogen Conversion➢

Received notice of acceptance of “Technology development project aimed at building a competitive hydrogen supply chain”,
JERA is developing a catalyst to extract hydrogen from ammonia and evaluating the catalyst and process from theperspective of a power generation company.

➢

Received notice of acceptance of “Demonstration project related to hydrogen utilization at an LNG thermal power plant inJapan” under Green Innovation Fund program lead by NEDO, and conducted evaluation of operational and environmental
characteristics for hydrogen utilization at existing LNG thermal power plants in Japan.
© 2024 JERA Co., Inc. All Rights Reserved.

JERA Zero CO2 Emissions 2050:

Conclusion of 20% Fuel Ammonia Substitution Demonstration
Testing

31➢ The world’s first demonstration testing of 20% ammonia substitution at a large-scale commercial coal-fired
thermal power plant in Hekinan thermal power station unit 4 concluded in June 2024.
➢ Results were positive, confirming that the level of nitrogen oxides (NOx) generated was no higher than
before fuel ammonia substitution (than when firing coal alone), a 20% reduction in sulfur oxides (SOx), andthat generation of N2O was below the threshold for detection.
➢ JERA will in July begin construction aimed at commercial operation using large-volume fuel ammonia
substitution (20% of heating value)
Schedule for Construction of Demonstration Facility and Demonstration Test
FY2022First half

FY2023

Second halfFirst half

FY2024

Second half

AprilAmmonia burner
installation work

1

Ammonia burnermodification work

May

June

Burner modification
completed in ashort period during
regular inspection(Unit 4 regular inspection)2

Construction ofammonia tanks andauxiliary facilities
such as piping
3

Ammonia
substitution
demonstration
testing

Groundimprovement

Civil and mechanical construction
20%
conversion
achieved

Good evaluation results:
Nox equivalent to or
less, SOx reduced▽Apr 1 ▽Apr 10
First ignition Achieved 1M kW, 20% conversion
Test run

Demonstration Testing▽First receipt of ammonia fuel▽Jun 26
Concluded
demonstration test
© 2024 JERA Co., Inc. All Rights Reserved.

32

JERA Zero CO2 Emissions 2050:

Establishment of JERA Nex➢ The UK-based subsidiary specialized in renewable energy, “JERA Green” changed its name to“JERA Nex” to introduce and develop renewable energy business and start its operation in April2024.
➢ A range of our renewable energy assets will be collected to JERA Nex, which will construct a
platform to develop our renewable energy business swiftly.
➢ The new target to develop renewable capacity: 20GW in FY2035
SummaryName

JERA Nex Limited

CEO

Nathalie Oosterlinck
Head of Global Renewables at JERA

Investor

Registration date

Proposed JERA Nex 2035 global
net installed capacity ambition*1

20GW
Offshore wind:~ 1/3

JERA: 100%

March 26, 2024

Location

UK, London

Business

Investment and development for arange of renewable energy assets,
including offshore and onshore wind,solar and battery storage in the world.
Operation of renewable energy assets
by taking advantage of O&M.

Onshore RES:
~ 2/3

Target 2035
Offshore wind

H2

Coupled withBESS and LCF

Onshore RES*1 Assumed average net share of 50%. Analysis based on benchmarking average capacity additions targets and market share of global competitors© 2024 JERA Co., Inc. All Rights Reserved.

JERA Zero CO2 Emissions 2050:

33

Efforts towards Zero CO2 Emission(Renewable Energy
Development)➢ JERA has set a target of 20GW renewable energy development by FY2035, and is widely
promoting wind power, solar power, battery storage, etc.

Acquirement of shares of a leading Japaneserenewable energy power generationcompany (Green Power Investment *2)

Renewable Energy
Development

Participation in Gunfleet
Sands offshore
wind power, UK
Participation in battery
storage, UK (Zenobē)Target
20.0GW

5.0

FY2023 FY2025 FY2025

Demonstration testing of a large-capacity Sweep
Energy Storage System from used EV Batteries(Toyota)
Demonstration testing of Film-type Perovskite
Solar Cells, Japan (SEKISUI CHEMICAL)

Acquisition of a major European
offshore wind company(Parkwind * 1)

Investment in
ReNew Power, India(Wind, Solar)

3.4

Offshore wind developments(Oga City, Katagami City, and Akita Cityin Akita Prefecture)
Development of solar power, Japan (West HD)

Participation in
Formosa offshore
wind power, Taiwan

Participation in
El Sauz onshore
wind power, US
Collaboration on
battery storage, US(Zenobē)Investment in
Gia Lai Electricity, Vietnam(Wind, Solar):Wind:Solar:Battery* 1 Parkwind‘s equity generation capacity in operation and under construction is 0.54GW.
* 2 JERA’s equity generation capacity is approximately 0.11GW.
© 2024 JERA Co., Inc. All Rights Reserved.

34

JERA Zero CO2 Emissions 2050:

Actions for Domestic Offshore Wind Power Generation➢ JERA selected as the business operator for an offshore wind power project off Oga city,
Katagami city, and Akita city in Akita prefecture on December 13, 2023.
Oga, Katagami, and Akita Offshore Green
Energy Consortium
Interconnection Capacity

315MW

Number of Units

21 units

Turbine Model

Vestas V236-15MW

Planned Start ofCommercial Operation

June 2028<Map of Business Areas>➢ JERA acquired shares of Green Power Investment Corporation on August 3, 2023. On January 1,
2024, Ishikari Bay New Port Offshore Wind Farm held by JERA and GPI began in its operation.
Ishikari Bay New Port Offshore Wind FarmInterconnection Capacity

112 MW

Number of Units

14 units

Turbine Model

Siemens Gamesa 8MW

Start ofCommercial Operation

1st January 2024
<Turbine Generator Installation>© 2024 JERA Co., Inc. All Rights Reserved.

JERA Zero CO2 Emissions 2050:

35

JERA Cross business launch➢ JERA has established JERA Cross with the aim of combining its energy, digital, and business
transformation capabilities to accelerate corporate “green transformation” (GX) in June.
➢ Integrated support for companies from designing their future vision and strategy for the GX, to thedevelopment and supply of renewable energy and other energy sources needed to decarbonize
electricity will be provided for the realization of decarbonized society.
➢ JERA Cross will also provide a stable supply of “24/7 carbon free electric power” that emits no CO2
twenty-four hours a day, 365 days a year*, contribute to solving client issues, transforming clientbusinesses, and reducing CO2 emissions.
Overview of JERA Cross
Company name JERA Cross Co., Inc.
Investor

JERA Co., Inc. : 100%

Location

Nihonbashi Takashimaya Mitsui
Building 25F, 2-5-1 Nihonbashi, Chuoku, Tokyo

Business
Description

Provisions of services that support GX
projects and solutions for electricity
decarbonation

Websitehttps://www.jera-cross.com/en/*In accordance with the Ministry of Economy, Trade and Industry's "Guidelines for Retail Sales of Electricity," this means providing 100% of the electricity supply fromCO2 zero-emission sources, including the environmental value derived from the use of non-fossil certificates. This does not mean that no CO2 is emitted during the entire
life cycle of the fuel, including its production, transportation, etc.
© 2024 JERA Co., Inc. All Rights Reserved.