This report does not constitute a rating action. TOKYO (S&P Global Ratings) Nov. 25, 2025--Tepco Holdings' creditworthiness would face less pressure if the company can restart its Kashiwazaki-Kariwa nuclear power plant, in our view. We believe resuming operations at the plant will boost the company's declining profitability. The Tokyo Electric Power Co. Holdings Inc. (Tepco Holdings; BB+/Negative/--) Kashiwazaki-Kariwa nuclear plant is likely to resume operations in fiscal 2025 (ending March 31, 2026), in S&P Global Ratings' view. On Nov. 21, 2025, Hideyo Hanazumi, the governor of Niigata Prefecture, announced that he would approve the restart of the No. 6 reactor at the plant, which has been out of operation since 2012 following the Great East Japan Earthquake and the Fukushima
