Electric Power Development Co., Ltd. · Year ended March 2026

J-POWER sells electricity and stakes in power plants

J-POWER operates hydroelectric, thermal and other power plants, selling electricity to power companies and retailers. Its group also operates transmission facilities connecting Japanese regions and invests in power-generation projects overseas.

2 primary sourcesPublished 2026-11-03Updated 2026-11-03

An editorial landscape combining a dam, thermal plant and grid with people exchanging a blank ownership folder beside a plant model

66.7 TWh includes purchased electricity

Domestic generation-business electricity sales, year ended March 2026

A power plant has several routes to the buyer. J-POWER’s domestic sales flow includes established electric power companies, the Japan Electric Power Exchange (JEPX) and retailers. It also purchases electricity from the market for sale to retailers.

For April 1, 2025–March 31, 2026, called FY2025 in the presentation, the domestic generation business sold 66.7 TWh. That includes 41.8 TWh of thermal power and 9.8 TWh of renewables, alongside 15.0 TWh purchased from wholesale markets and other sources. The total therefore measures electricity sold, rather than electricity entirely generated by J-POWER. Figures below 0.1 TWh are truncated, so displayed components do not sum exactly to the total.

Commercial electricity routes and regional networks

Separate who buys and sells electricity from the infrastructure that moves it.

Sell generated power

J-POWER power plants
Power companies / JEPX

Purchase and resell

JEPX and other markets
J-POWER sales to retailers
Retailers
Consumers

Transmit between regions

One regional grid
J-POWER Transmission facilities
Another regional grid

Arrows in the first two rows show electricity transactions; the final row shows regional power interchange. This does not imply that all power sold travels on J-POWER transmission lines. Areas and line widths do not represent transaction volumes.

Source: results presentation, physical PDF page 45 / page 54

Turn down by day, raise output toward evening

How much to sell, and when to run

Domestic thermal operations and FY March 2026 earnings factors

The company describes lower daytime thermal output during low-demand periods as renewable generation increases and nuclear plants restart in western Japan. From evening into the night, thermal plants raise output as solar generation falls. This pattern has become more common at J-POWER’s coal plants too.

When electricity sells below its generation cost, the margin for those hours comes under pressure. J-POWER describes efforts to reduce minimum operating loads, decide weekly shutdowns using demand and market-price forecasts, and cut fuel costs through coal blending.

In the annual earnings bridge, fewer unplanned outages added ¥10.0bn. The suspension and decommissioning of Matsushima and related effects reduced profit by ¥16.0bn; capacity-market and generator-charge effects by ¥7.0bn; and higher facilities-maintenance costs by ¥6.5bn. These are company-disclosed factors in ordinary-profit changes. Electricity volumes alone cannot capture those conditions.

Selling electricity and connecting regions

Approximately 2,400 km of transmission lines

Operating transmission facilities disclosed in the presentation

Group company J-POWER Transmission Network owns and operates facilities including interconnections between electric power companies’ service areas. Its transmission lines extend approximately 2,400 km, alongside five substations, four AC/DC converter stations and one frequency converter station.

While the generation business sells electricity, the transmission business provides the service of moving it through infrastructure. The Japanese financial release describes a business serving nine general transmission and distribution operators, excluding Okinawa Electric Power. The commercial buyer of electricity and the physical network carrying it perform different roles.

Transmission-business scope: Japanese financial results, physical PDF page 14.

Overseas, long contracts sit alongside equity sales

Long-term power contracts and development–sale–reinvestment

Different regional models in the overseas business

Overseas sales also take different forms. Nong Saeng in Thailand, for example, sells to the Electricity Generating Authority of Thailand under a purchase agreement valid through 2039. For Asia, the presentation describes holding and operating projects supported by long-term power purchase agreements, or PPAs, to earn continuing profits.

For the United States and Australia, it describes developing projects, recovering capital early through sales of equity interests, and reinvesting. Alongside selling electricity each year, the business includes selling an ownership interest in a developed project to another investor.

North American gas-power equity sale gains added ¥58.0bn

Company explanation of the change in ordinary profit, year ended March 2026

Those sales entered this year’s earnings. The company identifies ¥58.0bn of gains and related effects from sales of North American gas-power interests within its equity-method profit bridge. This is an earnings contribution, rather than the proceeds received or revenue from electricity sales.

Across the group, equity-method profit rose from ¥14.4bn to ¥63.8bn. The income statement includes it in non-operating revenue, after operating profit and before ordinary profit. Domestic plant economics and overseas equity sales therefore affect different lines in the accounts.

CONCEPT MAP

Read the transactions by what changes hands

An editorial summary of the disclosed business relationships.

Power plants and networks

Sell electricitySell generated power and electricity purchased from the market
Connect regionsOwn and operate transmission infrastructure providing a service for moving power
Sell equity interestsRecover capital from overseas projects and reinvest

From operating profit to ordinary profit and final earnings

DATA VIEW

Operating profit across the two years

Consolidated actuals, ¥million. Years ended March 2025 and March 2026 on a common zero-based scale. Labels show ¥billion.

Year ended March 2025¥138.310bn

Year ended March 2026¥100.992bn

DATA VIEW

Ordinary profit across the two years

Consolidated actuals, ¥million. Years ended March 2025 and March 2026 on a common zero-based scale. This chart has its own scale, separate from the operating-profit chart.

Year ended March 2025¥140.095bn

Year ended March 2026¥158.532bn

Source for both charts: Japanese financial results, physical PDF page 1.

¥51.817bn of extraordinary losses

Impairment and fixed-asset disposal, year ended March 2026

After ordinary profit came impairment losses of ¥32,988 million and fixed-asset disposal losses of ¥18,829 million: ¥51,817 million in total. The company describes impairments at Australian renewable-generation facilities and Takasago Thermal Power Plant, among others. It also explains the disposal of some equipment at the Ohma nuclear project to secure quality and reliability.

After these extraordinary losses, taxes and the amount attributable to non-controlling interests, profit attributable to owners of the parent fell from ¥92.469bn to ¥58.537bn. Higher ordinary profit supported by equity sales and lower final earnings following equipment reassessments occurred in the same year.

Capital recovery leaves more equipment work ahead

THE VIEW AFTER THE NUMBERS

What the numbers suggest

J-POWER sells generated electricity through several channels and connects regions through transmission infrastructure. Overseas, it combines long-term power sales with transactions in equity interests in developed plants.

Earnings from selling electricity and gains from selling ownership interests appear at different stages of the accounts. In the year ended March 2026, North American equity sales lifted ordinary profit, while impairment and disposal losses reduced final earnings. Distinguishing operating equipment, equity interests for sale and equipment under construction gives a concrete view of this power company’s year.

Primary sources used

Summary of FY2025 Earnings Results (year ended March 2026)

Electric Power Development Co., Ltd. · 2026-05-12

Pages used: p.7,16 / p.11,45 / p.13,15 / p.13,34 / p.26 / p.42,51 / p.54

Open source →

Financial results for the year ended March 2026 (Japanese)