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Tomoaki Kobayakawa. president of Tokyo Electric Power Company Holdings Inc (TEPCO). says the company will promote its renewable energy business as new a core business both in and outside Japan.
The announcement was made at a meeting of the Federation of Electric Power Companies of Japan. TEPCO aims to establish a system for the promotion in the entire TEPCO group within fiscal 2018.
At the meeting. TEPCO said that. for completely carrying out its responsibility for Fukushima. which is related to the decommissioning of nuclear reactors and compensation to be provided to local communities. the improvement of its corporate value and profitability is crucial. Therefore. the company aims to secure ¥500 billion per year for the decommissioning of nuclear reactors and the compensation and create a profit of about ¥450 billion after 10 years.
On the other hand. TEPCO expects that the energy market will shrink due to the advancement of energy saving and declining birth rates. Kobayakawa said that it is necessary to expand the top line by using resources created by improving the efficiency of existing businesses and cultivating a new field.
The renewable energy business is promising as a core business that replaces the fuel and thermal power generation businesses. he said. considering that the feasibility of the business is increasing because the introduction of renewable energy is globally accelerating due to the Paris Agreement of the United Nations and costs are decreasing.
TEPCO has so far dealt with large-scale hydroelectric power generation and wind power generation and considers that the increasing introduction of renewable energy can be a big business opportunity. While the company knows that there is a challenge in introducing a large amount of renewable energy. which is a problem related to network connection. it plans to offer various solutions by taking advantage of its strength as a power company. it said.
For promoting the renewable energy business both in and outside Japan. TEPCO needs to join the forces of the entire group such as the engineering of electric facilities. formation of a power transmission distribution department and knowhow to promote overseas projects. planning to set the business as a theme for `Future Management Committee` and consider it mainly at TEPCO. the company said.
