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Finance GreenWatch » 6CSR, 8.Eathquake & Nuclear accident » Mitsubishi, Tepco in power tie-up (Japan Times)

Mitsubishi, Tepco in power tie-up (Japan Times)

Mr. Ken Kobayashi, CEO of Mitsubishi Corp.

Mr. Ken Kobayashi, CEO of Mitsubishi Corp.

Major trader Mitsubishi Corp.  plans to collaborate with Tokyo Electric Power Co.  in launching its own power generation business, Mitsubishi President Ken Kobayashi said in a recent interview.

The move reflects progress on power industry reforms, including the separation of the generation and distribution businesses.

“We fully intend to be involved in the power generation business,” Kobayashi said.

By collaborating with Tepco, Mitsubishi could become an independent power producer in the Kanto region, according to Kobayashi. Chubu Electric Power Co., which chiefly supplies the central region of Japan, may work with them in Kanto, he added.

Meanwhile, Kobayashi took a somewhat negative stance on electricity retailing. “We engaged in power sales for a long time, but the business did not generate high profits,” he said.

“Also, we have no plans to become involved in the power transmission business. We do not intend to control the domestic electricity market,” Kobayashi said.

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