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MarketScreener Homepage  >  Equities  >  Tokyo Stock Exchange  >  Tokyo Electric Power Company Holdings, Incorporated    9501   JP3585800000

TOKYO ELECTRIC POWER COMPANY HOLDINGS, I

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Tokyo Electric Power Company Holdings, Inc: Mitsubishi Motors Corporation; Leveraging EV/PHEV as Resources for Virtual Power Plants Commencement of Trial Operation of V2G Business Demonstration Facilities

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08/06/2020 | 11:40am EDT

Thirty companies including Tokyo Electric Power Company Holdings, Inc. have used the grant to cover the costs of its 'FY2020 Demonstration Project for the Construction of a Virtual Power Plant that Utilizes Demand-Side Energy Resources (VPP Aggregation Project),' for which a public offering was made by the Ministry of Economy, Trade and Industry (METI) through its Sustainable Open Innovation Initiative, to commence the demonstration phase of this experiment. (Announced on June 8, 2020)

We would like to inform you that today, August 6, 2020, trial operation commenced of demonstration facilities built to demonstrate the commercial applications of V2G (Vehicle to Grid) that leverages electric vehicles (hereinafter referred to as, 'EV/PHEV') as energy resources, an initiative that the Tokyo Electric Power Company Holdings, Inc., TEPCO Energy Partner, Inc., TEPCO Power Grid, Inc., Mitsubishi Motors Corporation, Hitachi Systems Power Services, Ltd., and SHIZUOKA GAS CO., Ltd.*1 have been working on together.

Through this experiment we aim to demonstrate how EV/PHEV can be leveraged as VPP resources to enable us to balance the continual expansion of renewable energy sources (hereinafter referred to as, 'RES') with power grid stabilization. With our sights on FY2021, we are currently examining the construction and commercialization of Vehicle to Grid (V2G) systems that can adjust power demand/supply through bidirectionality with EV/PHEV storage batteries.

This demonstration project was commenced in FY2018 by METI, and this is the third year that the six companies mentioned above have participated in the project. During FY2018*2, the first year of the project, we constructed a demonstration environment to confirm that bidirectional power transfer is possible between EV/PHEV and power grids, and we confirmed that this can contribute to power grid stability (announced on February 26, 2019). During FY2019*3, the second year of the project, we added approximately 40 EV/PHEV (for a total of 59 vehicles) and constructed one of the largest experiment environment in Japan. Furthermore, in light of the mobility needs of EV/PHEV, we enabled simultaneous control of EV/PHEV parked at the demonstration sites via an online system (refer to Attachment 2).

Going forward we shall continue to deliberate a V2G business model while also examining ways to refine V2G control in accordance with the business model, such as examining methods for backing up sudden mobility needs (for example: fluctuation in the number of vehicles) (inter-site power transfer).

By effectively leveraging the storage batteries of EV/PHEV, the consortium aims to promote the use of RES in order to solve issues related to energy and the environment.

*1: Consortium Members (six companies)

Core companies:

Tokyo Electric Power Company Holdings, Inc. (Headquarters: Chiyoda-ku, Tokyo; President: Tomoaki Kobayakawa)

Companies participating in the Demonstration Experiment:

TEPCO Energy Partner, Inc. (Headquarters: Chuo-ku, Tokyo; President: Nobuhide Akimoto)

TEPCO Power Grid, Inc. (Headquarters: Chiyoda-ku, Tokyo; President: Yoshinori Kaneko)

Mitsubishi Motors Corporation (Headquarters: Minato-ku, Tokyo; Representative Executive Officer, CEO: Takao Kato)

Companies participating in the demonstration experiment and serving as resource aggregators (one company):

Hitachi Systems Power Services, Ltd. (Headquarters: Minato-ku, Tokyo; President/CEO: Akira Sakai)

Resource aggregators (one company):

SHIZUOKA GAS CO., Ltd. (Headquarters: Shizuoka City, Shizuoka Prefecture; Representative Director and President: Hiroyuki Kishida)

*2: FY2018 Demonstration Project for the Construction of a Virtual Power Plant that Utilizes Demand-Side Energy Resources (VPP Aggregation Project)

*3: FY2019 Demonstration Project for the Construction of a Virtual Power Plant that Utilizes Demand-Side Energy Resources (VPP Aggregation Project)

FY2020 V2G Business Demonstration Project Implementation Plan (Attachment 1)

Development and examination of mechanism that can provide blanket control of EV/PHEV at multiple sites in the same area (via an online system)

We shall examine and identify problems with a demonstration system as we aim to achieve 'power transfer between multiple sites' in order to deal with unplanned mobility needs (example: fluctuations in the number of vehicles).

Create scenarios and procedures for stabilizing power grids in accordance with actual conditions

We shall revise and examine control requirements in anticipation of future coordination with policies to avoid suppressing the output of renewable energy sources, such as photovoltaic power generation (solar power).

Resource expansion

We shall add another demonstration site (4 EVPS*1) to the FY2019 demonstration project (Table 1) thereby constructing the largest V2G demonstration environment in Japan (Figure 1).

*1 Abbreviation for EV Power Station. Refers to discharge and charging stations.

Table 1 Breakdown of Resources for the FY2020 V2G Demonstration Project: See details at:

https://www.mitsubishi-motors.com/en/newsrelease/2020/detailk806.html

Figure 1 Demonstration Site Example

Business model deliberation

We shall estimate the monetization of each aggregation coordinator* and resource aggregator in the supply/demand adjustment market (primary/secondary (1): To be established in FY2024), and assess/analyze commercial feasibility.

*Aggregation coordinator:

Combines multiple power loads controlled by resource aggregators, which control resources by signing demand-side households to VPP service contracts, and engages in direct power transactions with general transmission and distribution system operators and electricity retailers.

Examining state of health (SOH) if V2G are to be leveraged

The state of health of drive batteries if leveraged for V2G shall be assessed by using approximately 70 PHEV (50 V2G controlled vehicles: 20 vehicles not controlled by V2G).

FY2019 V2G Business Demonstration Project Achievements (Attachment 2)

Site construction/demonstration environment creation

In order to demonstrate this system through experiments and testing, we constructed a demonstration system as well as five demonstration sites.

Total quantity of DR resources

In order to demonstrate this system through experiments and testing, we constructed a demonstration system as well as five demonstration sites.

We were able to simultaneously control multiple sites thereby verifying that synchronized control is possible

We assessed the degree of impact on voltage fluctuation during charging/discharging based upon the predicted penetration rate of EV/PHEV over a cross-section from FY2030/50

11/7 (Wed) Example of reaction when a command was given (10:00:00)

(C) 2020 Electronic News Publishing, source ENP Newswire

Stocks mentioned in the article
ChangeLast1st jan.
MITSUBISHI MOTORS CORPORATION 0.00% 249 End-of-day quote.-45.63%
SHIZUOKA GAS CO., LTD. -1.53% 899 End-of-day quote.-5.47%
TOKYO ELECTRIC POWER COMPANY HOLDINGS, INCORPORATED -0.62% 321 End-of-day quote.-31.26%
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Financials
Sales 2021 5 564 B 52 001 M 52 001 M
Net income 2021 204 B 1 904 M 1 904 M
Net Debt 2021 3 820 B 35 702 M 35 702 M
P/E ratio 2021 2,63x
Yield 2021 -
Capitalization 514 B 4 811 M 4 807 M
EV / Sales 2021 0,78x
EV / Sales 2022 0,79x
Nbr of Employees 37 892
Free-Float 92,6%
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Mean consensus SELL
Number of Analysts 3
Average target price 330,00 JPY
Last Close Price 321,00 JPY
Spread / Highest target 5,92%
Spread / Average Target 2,80%
Spread / Lowest Target -0,31%
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Managers
NameTitle
Tomoaki Kobayakawa Executive President & Director
Shoei Utsuda Chairman
Kimikazu Noumi Outside Director
Hideko Kunii Independent Director
Seiji Moriya Director
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