Japanese utilities Tokyo Electric Power Co. and Chubu Electric are set to found a joint company by March 2015 in a bid to help business recovery efforts, The Japan News reported. The agreement would see the new joint company become the world’s largest buyer of LNG.
Following the Fukishima disaster in 2011, and the shift away from nuclear, the two utilities have been seeking to boost thermal power plant activity and capitalise on governmental initiatives to encourage liberalisation of the electric power industry.
Procuring LNG as a team, Tokyo Electric Power and Chubu Electric will be importing approximately 40 million tpa, thus becoming the largest buyer of LNG in the world.
Source: The Japan News
Edited by Ted Monroe
Read the article online at: https://www.lngindustry.com/liquid-natural-gas/03092014/tokyo-electric-power-and-chubu-electric-to-team-up-for-lng-procurement-1325/