[This is an English translation of the original text written in Japanese]

For Immediate Release

December 8, 2020
Company Name: The Okinawa Electric Power
Company, Incorporated
Name of Representative: Hiroyuki Motonaga
Representative Executive Officer and President(code:9511, TSE First Section of)

Okinawa Electric Power Company's Approach to Zero Emissions

The Board of Directors of the Company, at its meeting held on 8 December 2020,resolved as follows.
As an integrated energy company, global warming countermeasures are one
significant management issue which must be prioritized, and we have actively worked
on such global warming countermeasures up to this point.
At the same time, the social demand for countermeasures against global warming has
been increasing in recent years, as evidenced by the country's 2050 Carbon Neutral
Declaration.
In order to fulfill our corporate social responsibility, we have compiled a long-term
guideline, "Okinawa Electric Power Company's Zero Emissions Initiative: Toward Net
Zero CO2 Emissions in 2050," to promote further efforts.
To achieve net zero CO2 emissions in 2050, we have formulated a roadmap for thenext 30 years and will implement a variety of measures, with two directions forachieving net zero CO2 emissions: " Make renewable energy a mainstay " and"Reducing CO2 emissions from thermal power.
We will contribute to the society by building a sustainable energy system, utilizing thetechnologies we have accumulated so far and introducing new technologies to achieve
stable energy supply and countermeasures for global warming simultaneously.

Attachment: OEPC's Approach to Zero Emissions〜Towards 2050 Net Zero CO2 Emissions〜

Attachment

OEPC’s Approach to Zero Emissions～ Towards 2050 Net-Zero CO2 Emissions ～December 2020The Okinawa Electric Power Company, Inc.

Copyright © The Okinawa Electric Power Company, Incorporated. All Rights Reserved.

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Okinawa Electric Power Company aims to2050 Net-Zero CO2 Emissions.
Okinawa, where energy is more readily available. A richer future for our children.

We will contribute to the society by building a sustainable energy system,
utilizing the technologies we have accumulated so far and introducing newtechnologies to achieve stable energy supply and countermeasures for
global warming simultaneously.

Copyright © The Okinawa Electric Power Company, Incorporated. All Rights Reserved.

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OEPC Net-Zero CO2 Emissions Roadmap

Reducing CO2 Emissions
from Thermal Power Plants

Make Renewable Energy
as Main Power Source●Expansion of Renewable Energy
Introduction of Renewable Energy +100MW
PV-TPO business※1 ＋50MW(3.4 timesby current installation)
Large Wind Power※1 ＋50MW

CO2 ▲26％

20402050（compared to FY2005）

Maximum introduction of Renewable Energy

Expansion of the PV-TPO business
Expanding the introduction of large-scale Renewable Energy using
Storage Batteries●Grid Stabilization Technologies for Renewable Energy expansion

・Utilization and Advancement of Grid Stabilization Technologies using “Storage Batteries" and “Control Technologies”●Development of the infrastructure to support the mainstreaming of Renewable Energy
・Raising demand for Electrification for Effective Use of Renewable Energy
・Building and Utilizing VPP ※2 and DR ※3 with DX (Digital Transformation)
・Building a disaster-resistant "Renewable Energy Micro-Grid" for local production and consumption● Expanding the use of clean fuels

・Reducing CO2 with increased consumption of LNG
・Leveraging the mobility of LNG power sources to smoothfluctuations in renewable energy output
・Consideration of introducing CO2-free fuels (hydrogen,ammonia, etc.) and offset technologies

・Conversion to CO2-free fuels
・Introduction of CO2 offset technologies● Fade-out of the inefficient thermal power plants

PromotingElectrification

・Conversion of Oil to LNG. Lower carbon emission through theuse of Local Biomass in Coal-fired Power Plants
・Consideration of introducing cutting-edge technologies suchas next-generation thermal power

Introduction of next-generation power sources using CO2free fuel conversion and CO2 offset technology inconjunction with the shutdown of existing machines

Net-Zero CO2 Emissions

2030※4In addition to achieving a net zero structure on the power supply side, it is essential to promote electrification on the demandside(transportation, industry, business, household), implement necessary policies, and gain financial support.

※1 Service in which PV and storage batteries are installed free of charge and the electricity generated is sold to customers. Both PV-TPO and large wind power are scheduled to be built and managed by our affiliated companies.
※2 Virtual Power Plant (VPP) refers to the collective control and management of a number of small-scale renewable energy power plants, etc., to make them function as a single power plant.
※3 Demand Response (DR), according to the Ministry of Economy, Trade and Industry (METI), is defined as "an act of changing the consumption pattern of electricity for consumers to curb their use of electricity in response to the setting of electricity prices
or the payment of incentives when wholesale market prices rise or when grid reliability declines.“※4 We aim to Net-Zero CO2 Emissions by combining renewable energy power sources with thermal power sources that incorporate CO2-free fuels and CO2 offset technologies.
※This requires the establishment of necessary technologies along with economic feasibility. We will earnestly work to achieve these conditions. Further, policy and financial support are necessary for the development and introduction of advanced technologies.

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