Press Release

Press Release

Establishing a Renewable Energy Expansion Model with Global Companies

January 25, 2023
Chubu Electric Power Co.,Inc.
Chubu Electric Power Miraiz Co., Inc.

Chubu Electric Power Co., Inc. (President: Kingo Hayashi; "Chubu Electric Power") and Chubu Electric Power Miraiz Co., Inc. (President: Shinya Otani; "Chubu Electric Miraiz") have reached a basic agreement to establish a user-participatory renewable energy expansion model (the "Model") for the renovation of existing hydroelectric power plants, with a consortium (the "Consortium") of six global companies including Applied Materials, Inc., Micron Technology, Inc., and Skyworks Solutions, Inc.

Recently, global companies, mainly in Europe and the U.S. promoting the introduction of renewable energy, have been emphasizing the importance of procuring electricity that contributes to increasing the amount of renewable energy ("additionality") by renovating existing renewable energy sources or developing new sources.

Under this Model, the Consortium with a strong interest in "additionality" are encouraged to actively participate from the planning stage in the renovation of non-FIT existing hydroelectric power plants implemented by Chubu Electric Power, and to use renewable energy, including increased electricity generated by such renovation. The Consortium will be able to proactively contribute to the expansion of renewable energy by paying consideration for the "additionality" when purchasing the renewable energy including the increased electricity generated by the renovation through Chubu Electric Miraiz.

As the first project to be implemented using this Model, we plan to apply it to the renovation of aging facilities at Oigawa Hydroelectric Power Plant Unit 1, which is expected to increase annual power generation by about 1.9 GWh from 2025.

Through the construction and expansion of this Model, we will continue to work actively to achieve our goal of contributing to the expansion of renewable energy to 3.2 GW or more, by around 2030.


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