Spread of renewable energy through business activities

Mitsubishi Corporation

Outline

Working toward the transition to a low-carbon society, the Power Solution Group, not only contributes to the stable supply of electricity, but also provides new added-value to customers, such as supply and demand adjustment, by combining low-emission power sources, such as renewable energy, with digital technologies. We are also conducting initiatives in the field of hydrogen, which is expected to play a role of next-generation of a sustainable low-carbon/decarbonized society while raising our corporate value.

In the power generation business, Mitsubishi Corporation (“MC”) is making a shift towards renewable energy development, and aims to double renewable energy power generation capacity by FY2030 compared to FY2019 (from 3.3 GW to 6.6 GW).

Description

Our company's traditional electric power business was focused on the supply side centered on generation and transmission. Now, however, through business expansion on the demand side, including in the power trading business and retail business with a customer base, we endeavor to raise corporate value across the entire value chain including the supply side.

Through the electricity used daily by households and customers, we aim to go beyond simply the sale of electric power to provide new services that fit the customer's mindset. Moreover, we conduct a variety of initiatives including water businesses to meet diversifying utility needs, with a focus on our power solution value chain business which functions to “generate” renewable energy, “integrate” weather-dependent electricity (through a sophisticated balance of supply and demand), as well as “deliver” electricity and high added-value services to our customers.

For example, MC has acquired “Eneco”, an integrated energy company in the Netherlands in March 2020. With a focus on the three countries of the Netherlands, Belgium and Germany, Eneco is developing its power generation business, with renewable energy at its core, as well as its electricity / gas trading, electricity / gas retail, and district heating supply businesses. Eneco boasts the second largest share of the Dutch energy market, with a portfolio that includes an installed capacity of approximately 1,700 megawatts in renewable assets.

In an effort to reduce GHG emissions, MC is shifting to the development of renewable energy mainly by way of solar and offshore wind power generation, aiming to double renewable energy power generation capacity by FY2030 compared to FY2019 (from 3.3 GW to 6.6 GW), as one of the Key Sustainability Issues (Materiality) for MC.