Electric Power Trading Business (PPS) to Commence Operations within Chubu Electric Service Area -Service Area to Expand beyond the Service Areas of Tokyo Electric, Kansai Electric, and Chugoku Electric-
TOKYO, Japan - April 2, 2014 - ORIX Corporation (TSE: 8591; NYSE: IX), a leading integrated financial services group, announced today that it will expand the target area of its electric power trading business and begin operations inside the transmission area of Chubu Electric Power Co., Inc. (hereinafter, "Chubu Electric") including Aichi, Mie, Gifu, Shizuoka, and Nagano prefectures.
ORIX commenced electric power retailing operations in 2009 as a power producer and supplier (PPS) (specified-scale electricity utility*1) supplying electricity at a discount to primarily high-voltage commercial sites such as shops and office buildings. Currently, ORIX provides services inside the service areas of Tokyo Electric Power Company, Incorporated, Kansai Electric Power Co., Inc., and Chugoku Electric Power Co., Inc. Now ORIX will expand its service area to include the service area of Chubu Electric to help reduce electricity costs for its customers.
In addition to providing electric power, ORIX also works to serve various customer needs relating to electricity use, such as ESCO (Energy Service Company) services to support reduced energy consumption in buildings, and demand response services that help to reduce peak electricity demand and electricity usage.
Looking ahead, ORIX will actively expand its environment and energy business, which contributes to reducing customers' energy consumption and costs.
*1 Businesses that supply electric power on a contractual basis to customers in need of more than 50 kW through the power lines of power companies and other general electric utilities.
ORIX Corporation (TSE: 8591; NYSE: IX) is a financial services group which provides innovative products and services to its customers by constantly pursuing new businesses. Established in 1964, from its start in the leasing business, ORIX has advanced into neighboring fields and at present has expanded into lending, investment, life insurance, banking, asset management, automobile related, real estate and environment and energy related businesses. Since entering Hong Kong in 1971, ORIX has spread its businesses globally by establishing locations in 35 countries and regions across the world. ORIX celebrates its 50th anniversary in 2014 and moving forward it aims to contribute to society while continuing to capture new business opportunities and sustain growth by promoting acceleration of its corporate strategy “Finance + Services.” For more details, please visit our website: http://www.orix.co.jp/grp/en/
These documents may contain forward-looking statements about expected future events and financial results that involve risks and uncertainties. Such statements are based on our current expectations and are subject to uncertainties and risks that could cause actual results to differ materially from those described in the forward-looking statements. Factors that could cause such a difference include, but are not limited to, those described under “Risk Factors” in the Company’s annual report on Form 20-F filed with the United States Securities and Exchange Commission and under “4. Risk Factors” of the “Summary of Consolidated Financial Results” of the “Consolidated Financial Results April 1, 2012 – March 31, 2013.”