TOKYO GAS CO.,LTD.
9531・Prime Market・Electric Power & Gas
Energy Solutions
Tokyo Gas Group's core segment. City gas, electricity, and LNG sales form the mainstay.
| Period | Current | Previous | Change |
|---|---|---|---|
| Sales (segment total, including internal transactions) | ¥2,486,107 million | ¥2,340,481 million | ↑ |
| Sales to external customers | ¥2,444,496 million | ¥2,308,479 million | ↑ |
| Segment profit (operating income + equity method) | ¥150,247 million | ¥121,703 million | ↑ |
| Operating income | ¥149,746 million | ¥120,689 million | ↑ |
| City gas sales volume (total) | 11,175 million m3 | 11,215 million m3 | ↓ |
| Electricity sales volume (total) | 28,021 million kWh | 23,440 million kWh | ↑ |
| Number of gas retail customers | 8,861 thousand | 8,826 thousand | ↑ |
| Number of electricity retail customers | 4,337 thousand | 4,152 thousand | ↑ |
| Depreciation and amortization | ¥66,856 million | ¥70,542 million | ↓ |
| Segment assets | ¥1,647,155 million | ¥1,591,846 million | ↑ |
Business Details
Engages in city gas manufacturing and sales, LNG Sales & Trading, Electricity Retail & Wholesale, and Engineering Solutions (engineering, energy services, etc.). The largest segment, accounting for approximately 86% of the Group's external customer revenue. With approximately 8.86 million gas retail customers and approximately 4.34 million electricity retail customers centered on the Tokyo metropolitan area, it serves as the foundation of domestic energy supply. Due to the application of the raw material cost adjustment system, the income impact of LNG raw material price fluctuations is considered minor over the medium to long term.
Recent Overview
Electricity sales volume expanded significantly, up 19.5% year on year, and segment profit increased by ¥28.5 billion year on year.
In FY2026 (ending March 2026), despite a decrease in the average unit sales price due to the gas raw material cost adjustment, sales increased by ¥145.7 billion year on year to ¥2,486,107 million (segment total) due to an increase in electricity sales volume, among other factors. Operating expenses also increased due to higher power source procurement costs, among other factors, but segment profit, including equity method investment gains, increased by ¥28.5 billion year on year to ¥150,247 million. Note that an impairment loss of ¥30,149 million was recorded in the Energy Solutions segment. While city gas sales volume for residential use increased due to lower temperatures, overall volume decreased 0.4% year on year due to declines in industrial use and supply to other operators.
Key Products
Growth Drivers
- An increasing trend in the number of electricity retail customers (4,337 thousand at the end of FY2026, up 4.5% year on year) and a significant expansion in wholesale sales volume (up 28.4% year on year)
- Recovery in residential city gas demand due to lower temperatures (residential sales volume up 2.1% year on year in FY2026)
- Generation of gains from the raw material cost adjustment system's timing lag (depending on market conditions)
- Expansion of the Engineering Solutions business (capturing decarbonization and digitalization demand)
- Strengthening customer engagement and enhancing market competitiveness through the active use of AI and digital technologies (per the FY2026-FY2028 medium-term management plan)
- Improved profitability and optimal resource allocation through the introduction of segment-based ROIC management
Risks
- Earnings volatility due to the time lag in the raw material cost adjustment system (crude oil price and exchange rate fluctuations are reflected in tariffs with a delay of up to five months)
- Fluctuations in city gas sales volume due to temperature variation (residential and commercial demand decreases during mild winters or high temperatures)
- Fluctuations in electricity wholesale sales volume (dependent on wholesale customers' demand trends)
- Risk of increased power source procurement costs (procurement costs increase in line with electricity sales volume expansion)
- Risk of impairment of fixed assets (an impairment loss of ¥30,149 million was recorded in the Energy Solutions segment in FY2026, ending March 2026)
- Decline in city gas demand for industrial use and supply to other operators (structural demand decline due to reduced operations by customers and supply destinations, etc.)
- Impact on raw material procurement from geopolitical risks such as the situation in the Middle East
Last updated: June 23, 2026