Summary: Tokyo Electric Power Company Holdings Inc.

Likely continued stable profits thanks to ongoing government support of business operations, stable and relatively low fuel prices, and continued cost reductions Expected continued benefits from a virtually vertically integrated business model and pricing formula under a supportive regulatory framework for the moment Little prospect of a rapid loss of business strength or customer numbers in greater Tokyo, with the company having a near monopoly over the area's electricity market and accounting for roughly a third of national electricity sales Little prospect of a substantial improvement in profitability, because the timing of a restart of the Kashiwazaki-Kariwa nuclear power plant is indeterminate and costs of the crisis at the Fukushima No. 1 nuclear power plant continue to accrue Exposure to

...Business Risk: Satisfactory Financial Risk: Highly leveraged + Likely continued stable profits thanks to ongoing government support of business operations, stable and relatively low fuel prices, and continued cost reductions + Expected continued benefits from a virtually vertically integrated business model and pricing formula under a supportive regulatory framework for the moment + Little prospect of a rapid loss of business strength or customer numbers in greater Tokyo, with the company having a near monopoly over the area's electricity market and accounting for roughly a third of national electricity sales + Little prospect of a substantial improvement in profitability, because the timing of a restart of the Kashiwazaki-Kariwa nuclear power plant is indeterminate and costs of the crisis at the Fukushima No. 1 nuclear power plant continue to accrue + Exposure to large contingent and off-balance-sheet liabilities related to compensation for the crisis at the Fukushima plant and costs for...

Summary