Kyushu Electric Power Co., Ltd. transferred all the shares of Kyuden Techno Systems Co., Ltd. (a subsidiary of Kyushu Electric Power) (Kyushu Electric Power's shareholding)to Kyushu Electric Power Transmission and Distribution Corporation (hereinafter referred to as the “Stock Transfer”) today.
This is because Kyushu Electric Power Transmission and Distribution judged that some of the business, such as the smart meters entrusted to Kyuden Techno Systems, falls under the entrusted regulations (hereinafter referred to as the “Entrusted Regulations”), which provide non-public information prohibited by the Electricity Business Act.
This time, by carrying out the Stock Transfer and changing Kyuden Techno Systems to a subsidiary of Kyushu Electric Power Transmission and Distribution, a system will be established to comply with the entrusted regulations.
We take this matter seriously as an inappropriate handling under the Electricity Business Act, and we apologize to customers and all stakeholders.
As a result of this stock transfer, Kyushu Electric Power Transmission and Distribution and Kyuden Techno Systems will be able to more integratedly develop power transmission and distribution businesses and growth businesses, and we believe that this will lead to further development and growth of the region and society, such as realizing carbon neutrality and solving social issues with safety and comfort as the theme.
Kyushu Electric Power and Kyushu Electric Power Transmission and Distribution will continue to work with full efforts towards further development and growth of the Kyuden Group, while thoroughly implementing compliance measures.