Marubeni Crop buys power plant in Tokyo, eyes more Japan production
Marubeni Corp has acquired a 100-megawatt (MW) gas power plant in Tokyo, the Japanese trading house announced on Friday. The firm aims to take advantage of upcoming reforms in the country's power industry, according to The Economic Times.
A spokeswoman said the company is also looking to add further 200 MW of domestic capacity when Japan's electricity market will be fully liberalized in 2016. The addition would bring Marubeni's hydro-power generation capacity to more than 360 MW, the report detailed.
An increased power production could lower the prices of electricity in the country. However, it would also tighten the competition for monopolies such as Tokyo Electric Power Co as these firms deal with the fallout brought about by the Fukushima nuclear crisis, the report explained.
The acquisition of the power plant from F-Power was first published by the Nikkei business daily. The article said Marubeni was also aiming to construct two gas and two coal thermal plants in Tokyo by 2016, the report said.
The Nikkei also said the Japanese trading house was planning to build additional fossil-fuel plants and solar and wind power plants in 2016. The planned facilities are to be built outside of Tokyo, The Economic Times reported.