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MarketScreener Homepage  >  Equities  >  Tokyo  >  Chugoku Electric Power Co Inc    9504   JP3522200009

CHUGOKU ELECTRIC POWER CO INC

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Kansai Electric, Marubeni delay construction of coal-fired power plant

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08/15/2019 | 05:11am EDT
Logo of Marubeni Corp is seen at the company headquarters in Tokyo

TOKYO (Reuters) - Kansai Electric Power and Marubeni have delayed construction of a 1,300 megawatt coal-fired power plant in northern Japan clouding the station's future, amid a shift away from the most polluting fossil fuel.

The companies had initially planned to start construction of the power station this month but have not made a formal decision to go ahead with the project, Takahito Hirota, a spokesman at Kansai Electric told Reuters on Thursday. The plant is proposed for near the city of Akita, about 450 km (280 miles) north of Tokyo.

"We have delayed construction of the power plant in Akita from August as was stated in our environmental impact assessment document and no new construction schedule has been set," Hirota said, adding a final decision on the project has not been made.

Coal-fired power generation is a major contributor to carbon and other emissions that scientists say are contributing to global warming, which is causing heat waves, rising sea levels, droughts and other extreme weather event.

Japan's government earlier this year said the country would aim to be carbon-neutral as soon as possible after 2050.

The country is one of the few major industrialized economies that is planning a major expansion of coal-fired power generation. Japan is making that decision after the Fukushima disaster in 2011 that led to the shutdown of most of the country's nuclear reactors.

For a graphic on Japan's energy mix:



But many of these plans are being shelved amid local opposition, while the country's environment ministry has taken a tougher stance on environmental approvals.

Kansai Electric and Marubeni have given up access rights to the electricity grid to supply power from the planned Akita coal station, two industry sources told Reuters, with one of them saying this indicates that the companies have cancelled their plans for the project.

Hirota declined to comment on the grid access issue, while a Marubeni spokeswoman declined to comment on the project other than to say "we are continuing to carefully consider" the plans for building the station.

Japanese banks and trading houses, which have long backed the use of coal, have been tightening policies on financing coal power and mines in recent months.

Sumitomo Corp one of Japan's biggest trading houses, tightened its policies on coal this month.

The company will not invest in new coal-fired power plants or new thermal coal mine projects, it said in the latest Integrated Report issued last Friday.

For a graphic on Japan's thermal coal imports:



(Reporting by Yuka Obayashi and Aaron Sheldrick; additional reporting by Yuri Harada; editing by Christian Schmollinger)

By Yuka Obayashi and Aaron Sheldrick

Stocks mentioned in the article
ChangeLast1st jan.
CHUGOKU ELECTRIC POWER CO INC 1.21% 1418 End-of-day quote.0.93%
GOLD 0.02% 1498.715 Delayed Quote.17.46%
IDEMITSU KOSAN CO., LTD. 0.79% 3180 End-of-day quote.-10.17%
KANSAI ELECTRIC POWER CO INC 0.56% 1352.5 End-of-day quote.-18.03%
MARUBENI CORP 0.17% 748.8 End-of-day quote.-1.14%
OBAYASHI CORP 1.23% 1073 End-of-day quote.9.49%
SILVER 0.02% 17.842 Delayed Quote.14.84%
SUMITOMO CORP 0.57% 1759 End-of-day quote.15.61%
SUMITOMO REALTY & DEVELOPMENT CO., LTD. 1.80% 4007 End-of-day quote.2.01%
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Financials (JPY)
Sales 2020 1 366 B
EBIT 2020 43 267 M
Net income 2020 89 900 M
Debt 2020 2 218 B
Yield 2020 3,53%
P/E ratio 2020 5,43x
P/E ratio 2021 18,3x
EV / Sales2020 1,98x
EV / Sales2021 2,03x
Capitalization 488 B
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Mean consensus HOLD
Number of Analysts 6
Average target price 1 391,67  JPY
Last Close Price 1 418,00  JPY
Spread / Highest target 2,26%
Spread / Average Target -1,86%
Spread / Lowest Target -6,21%
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NameTitle
Mareshige Shimizu Executive President & Representative Director
Tomohide Karita Chairman
Takafumi Shigeto Director, Head-Compliance & Administration
Hideo Matsuoka Director & Managing Executive Officer
Akira Sakotani Representative Director & Executive Vice President
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