February 27, 2023
Notice regarding decision on the direction of the Demerger (Simplified Absorption-typeDemerger) of the Renewable Energy Power Generation Business

Kyushu Electric Power Co., Inc. (the “Company”) hereby announces that the Company havedecided the direction of the Company Split in that the renewable energy power generation businesswill be transferred to the wholly owned subsidiary Kyuden Mirai Energy Co., Inc. (“Mirai Energy”)
in accordance with the resolution passed at the meeting of the Board of Directors held February 27,2023.
The assets that need to be transferred as a result of the Demerger and timing of the transfer are
currently being carefully examined to ensure that there are no obstacles to operations of therenewable energy power generation business after the Company Split.

1. Purpose and background of the Demerger
In the Kyuden Group Carbon Neutral Vision 2050 formulated in April 2021, the Group declared its
commitment to the challenge to achieve carbon neutrality by 2050 and to become the industry's top
runner in low-carbon and decarbonization by making renewables the main power source.
This time, with the aim of streamlining decision-making in the Group’s renewable energy businessand effectively acquiring management resources and information, it has been decided to carry out theCompany Split as stated below. This will not only accelerate the Group's initiatives to achieve its 2030
renewable energy development target of 5 GW, but also enable the Group’s aim to be a leading
corporate group that responds to the wide-ranging needs of customers and society, while taking on
the challenge of creating new value in the renewable energy business.

2. Summary of the Demerger(1) Schedule of the Demerger
Direction decided on the Demerger of the renewable energy businessFebruary 27, 2023

Approval of Absorption-type Demerger agreement(Board resolution)
Geothermalpower

generation business

December 2023

Signing of the Absorption-type Demerger agreement

Effective date of Absorption-type Demerger(planned)

April 1, 2024
(planned)“Enlighten our future”
KYUDEN GROUP’s Mission is to contribute towards
the realization of a comfortable and environment-friendly lifestyle
today and for generations to come.

Approval of Absorption-type Demerger agreement
Hydroelectric power (Board resolution)

TBD

generation business Signing of Absorption-type Demerger agreement
Effective date of Absorption-type Demerger

Pursuant to Paragraph 2 of Article 784 of the Companies Act of Japan, the Company Absorption-type
Demerger will be conducted without the approval by a resolution of the Company’s General Meetingof Shareholders.

(2)

Demerger method

An absorption-type Company Split that the Company will be the splitting company and Mirai Energy
will be the successor company.
The following (3) to (7) will be announced as soon as the details have been decided.
(3) Details of the allotment related to the Demerger(4) Treatment of share acquisition rights and corporate bonds with share acquisition rights following
the Demerger(5) Change in capital due to the Demerger(6) Rights and obligations to be assumed by the successor company(7) Prospects for fulfilment of obligations

3. Summary of companies involved in the Demerger
Splitting company
Trade nameAddress

Successor company

Kyushu Electric Power Co., Inc. Kyuden Mirai Energy Co., Inc.
2-1-82 Watanabe-dori, Chuo-ku,

KMG Building 8F, 3-2-23

Fukuoka

Yakuin, Chuo-ku, Fukuoka
Renewable energy power

Business description

Electric power business, etc.

generation business, Retailelectric power business, etc.

FoundedBusiness relationship with theCompany

May 1, 1951

July 1, 2014
A wholly owned subsidiary of-the Company (Kyushu ElectricPower Company)“Enlighten our future”
KYUDEN GROUP’s Mission is to contribute towards
the realization of a comfortable and environment-friendly lifestyle
today and for generations to come.

4. Summary of the business divisions to be Demerged(1) Businesses of the divisions to be Demerged
Successor company

Business description

Kyuden Mirai Energy Co., Inc.

Renewable energy power generation business (Geothermal power
generationbusinessandhydroelectric

power

generation

business)
The following (2) and (3) will be announced as soon as the details have been decided.
(2) Financial results of the division to be demerged(3) Category and carrying amount of assets and liabilities to be demerged

5. Status of the companies after the Demerger (As of April 1, 2024 )Trade name
Address

Business description

Splitting company

Successor company

Kyushu Electric Power Co., Inc.

Kyuden Mirai Energy Co., Inc.

2-1-82 Watanabe-dori, Chuo-KMG

ku, Fukuoka

Yakuin, Chuo-ku, Fukuoka

Electric power business, etc.

Building

8F,

3-2-23

Renewableenergypower

generation

business,

Retailelectric power business, etc.
6. Future outlook
The impact of the Demerger on the Company's consolidated financial results will be immaterial as
the Demerger is a simple absorption-type demerger between the Company and its wholly owned
subsidiary.
7. Other
Further details will be announced as soon as they have been decided.

“Enlighten our future”
KYUDEN GROUP’s Mission is to contribute towards
the realization of a comfortable and environment-friendly lifestyle
today and for generations to come.