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5411 - JFE Holdings Inc News Story

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Sector
Basic Materials
Size
Large Cap
Market Cap £5.45bn
Enterprise Value £17.29bn
Revenue £21.45bn
Position in Universe 174th / 3904

Japan's Chugoku Electric, JFE Steel scrap plan to build gas-fired power plant

Wed 31st March, 2021 12:03pm
TOKYO, March 31 (Reuters) - Japan's Chugoku Electric Power
Co  9504.T  and JFE Steel, a unit of JFE Holdings Inc  5411.T ,
said on Wednesday they had scrapped a plan to jointly build a
gas-fired power plant in Chiba, near Tokyo.
    The move comes as Japanese companies are stepping up efforts
to shift away from fossil fuel assets amid a growing
decarbonisation push worldwide and to match an ambitious pledge
by government of becoming carbon neutral by 2050.  urn:newsml:reuters.com:*:nL4N2HH1AC 
    In 2018, the two companies abandoned an initial plan to
build a coal-fired power plant on a site owned by JFE, citing
rising construction and other costs, and later started a
feasibility study for a gas-fired power plant.
    "But we came to a conclusion that the gas power station plan
would not be feasible from the perspective of wholesale power
prices and utilisation factor," a spokesman at Chugoku Electric
said.
    JFE, Japan's second-biggest steelmaker, will consider new
plans for the site, a company spokesman said.    

 (Reporting by Yuka Obayashi. Editing by Mark Potter)
 ((Yuka.Obayashi@thomsonreuters.com; +813-4563-2761;))
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