English | 简体中文 | 繁體中文 | 한국어 | 日本語
Monday, 26 February 2018, 14:00 HKT/SGT
Share:
    

Source: TEPCO
TEPCO's Chief Announces Plans for Global Expansion, Renewable Energy
Pledges JPY 500 Billion Annually for Fukushima, 450 Billion profit over next decade

TOKYO, Feb 26, 2018 - (JCN Newswire) - Nearing his first anniversary in office, TEPCO President Tomoaki Kobayakawa spoke at a press conference held at the Federation of Electric Power Companies (FEPC) of Japan, in which he set out a bold vision for global growth and investment in renewables while also pledging to continue providing strong support for the restoration of Fukushima.

Kobayakawa, who at 53 is TEPCO's youngest leader ever, is charting a dramatically new path for the company as it navigates the challenges posed by deregulation of Japan's energy markets, the country's declining population, and the need to continue cleanup work at Fukushima. The company, he said, will continue its transformation from a local utility to an innovative global energy and technology company, partnering with other leaders around the world.

"Our main mission is guaranteeing the delivery of a stable supply of low-cost electricity customers. Within that mission, nuclear power is not everything. Thermal power, the procurement of renewable energy, and hydropower all play a part."

Watch the video https://www.youtube.com/watch?v=C7VRseTBKeU

Commitment to Fukushima

The focus on the future will not come at the expense of TEPCO's obligations to its past, Kobayakawa said. Noting the steady improvement of the situation both inside the Fukushima Daiichi facility and in the surrounding towns, he affirmed the corporate mission to rebuild communities and restore the trust of the residents, including efforts to support the sale of Fukushima produce.

Increase corporate value, earnings

To meet its obligations at Fukushima and return the company to profitability, Kobayakawa said TEPCO aims to grow revenue by 500 billion yen annually, and generate a total of 450 billion yen in profit over the next decade.

This will be accomplished through streamlining businesses and cost reduction, reorganization and integration of nuclear power and distribution, as well as forming alliances with partners.

Expanding in a shrinking market

To meet these ambitious goals, Kobayakawa said, TEPCO must look beyond its traditional service area in the Kanto region around Tokyo. Japan's electricity market is shrinking due to energy conservation and a rapidly decreasing population. TEPCO will create businesses in new areas, such as its JERA joint venture with Chubu Electric, which will create a value chain from fuel upstream to thermal generation and bundling the sale of electricity and natural gas.

Renewable energy domestically and globally

With TEPCO's fuel and thermal power generation business as an established revenue stream, the company has high hopes for the promise of renewable energy, which it expects to become a comparable pillar in the future based on global investment projections over the next decade. Kobayakawa commented that while there are challenges to overcome in connecting renewables to the distribution network, he is confident that the company's proprietary know-how will find various solutions.

To formulate a detailed plan during the coming fiscal year, TEPCO's holding company will pull together expertise from its various teams, including engineering, distribution, and international project consultation to form the Mirai (Future) Management Committee.

"Renewables are an essential component of our future. We believe we can scale up our renewables business to create a new source of revenue comparable to JERA."

About TEPCO

Tokyo Electric Power Company Holdings, Inc. (TEPCO) is Japan's largest power company group, holding three independent business entities: TEPCO Fuel & Power, Inc., TEPCO Power Grid, Inc., and TEPCO Energy Partner, Inc. As a group, it generates, distributes, and sells electricity and other types of energy principally to the Kanto metropolitan area, which includes Japan's two most populous cities, Tokyo and Yokohama. Its 42,060 employees are committed to providing safe, reliable power as well as fulfilling its responsibilities to the communities of Fukushima. (As of April 1, 2017)
TEPCO Website: http://www.tepco.co.jp/en/index-e.html
TEPCO Facebook page: https://www.facebook.com/OfficialTEPCOen
TEPCO Twitter page: https://twitter.com/TEPCO_English

Topic: Press release summary
Sectors: Energy, Alt. Energy
http://www.acnnewswire.com
From the Asia Corporate News Network


Copyright © 2018 ACN Newswire. All rights reserved. A division of Asia Corporate News Network.

 
Multimedia

TEPCO Releated News
May 25, 2018 02:00 HKT/SGT
Power trading among neighbours per Blockchain: innogy and Conjoule make it possible
May 17, 2018 13:00 HKT/SGT
TEPCO and Pocket Queries to Collaborate on Mixed-reality Solution for Industrial Workplaces
Apr 23, 2018 17:00 HKT/SGT
TEPCO and NTT Join Forces in TNcross Joint Venture
Apr 5, 2018 16:00 HKT/SGT
TEPCO Establishes New Online Renewable Electricity Retail Startup, 'TRENDE'
Mar 30, 2018 15:00 HKT/SGT
TEPCO Establishes New Online Renewable Electricity Retail Startup, 'TRENDE'
More news >>
Copyright © 2018 ACN Newswire - Asia Corporate News Network
Home | About us | Services | Partners | Events | Login | Contact us | Privacy Policy | Terms of Use | RSS
US: +1 800 291 0906 | Beijing: +86 10 8405 3688 | Hong Kong: +852 2217 2912 | Singapore: +65 6304 8926 | Tokyo: +81 3 6721 7212

Connect With us: