President of Chubu Electric mulls investment in Asian, Eastern European companies

The Yomiuri Shimbun

12:56 JST, January 16, 2022

Chubu Electric Power Co. President Kingo Hayashi said in a recent interview with The Yomiuri Shimbun that the company will accelerate mergers and acquisitions (M&A) and investments in firms in Asia and Eastern Europe involved in renewable energy as part of its decarbonization efforts.

In November last year, the company announced plans to spend ¥400 billion on overseas operations from fiscal 2021 to 2030.

“Asia is the main target of our investment, but if there is a good deal in Eastern Europe or Russia, we are ready to make it,” Hayashi said.

The company has already invested in electric power companies in the Netherlands and Vietnam that operate renewable energy-related businesses and is considering investing in a tidal power generation project planned in Canada.

The company plans to spend ¥400 billion on renewable energy projects in Japan and raised its goal for introducing renewable energy sources from more than 2 million kilowatts to more than 3.2 million kilowatts. Hayashi said the company will increase solar and biomass power generation in the short term but, in the long term, offshore wind power generation will become the mainstay.

Regarding thermal power plants that emit large amounts of carbon dioxide, Hayashi said the company will promote decarbonization through technological innovations such as mixed combustion with ammonia.

Hayashi said the company aims to restart the Hamaoka nuclear power station as soon as possible. “It’s a realistic and effective means of reducing carbon dioxide emissions,” he said.