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5411 - JFE Holdings Inc News Story

¥1265 -62.0  -4.7%

Last Trade - 18/06/21

Basic Materials
Large Cap
Market Cap £4.75bn
Enterprise Value £16.04bn
Revenue £21.04bn
Position in Universe 200th / 3895

Japan's Kansai Elec, Marubeni scrap plan for coal-fired power plant

Tue 27th April, 2021 6:25am
TOKYO, April 27 (Reuters) - Japan's Kansai Electric Power
Inc  9503.T  and trading firm Marubeni Corp  8002.T  have
scrapped a plan to build a 1.3 gigawatt (GW) coal-fired power
plant, as project feasibility has become tough to assess, the
utility said on Tuesday. 
    A global trend towards decarbonisation is gathering pace,
with Japan's biggest coal-fired power generator, Electric Power
Development Co Ltd (J-Power)  9513.T , giving up a plan this
month to build a 1.2-GW coal-fired power plant.  urn:newsml:reuters.com:*:nL4N2M91EL
    "The decision reflected the Japanese government's policy to
step up decarbonisation and banks' move to stop financing coal
power projects," a spokesman for Kansai Electric said.
    He added that the partners would consider building a biomass
power plant at the site in the northern region of Akita instead.
    In March, Chugoku Electric Power Co Inc  9504.T  and JFE
Steel, a unit of JFE Holdings Inc  5411.T , also cancelled a
plan to build a thermal power station.  urn:newsml:reuters.com:*:nL1N2LT0VK
    A worldwide shift away from coal is accelerating in the
battle on global warming, and Japan nearly doubled its 2030
target for a cut in carbon emissions last week as U.S. President
Joe Biden hosted a climate summit.  urn:newsml:reuters.com:*:nL1N2MF0MU
    On Monday, Japan's biggest lender, Mitsubishi UFJ Financial
Group Inc  8306.T , said it would stop financing upgrades of
coal-fired power plants, as pressure grows for the country's
lenders to cut funding for coal power.  urn:newsml:reuters.com:*:nL4N2MJ1GJ

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