Spread of renewable energy through business activities
Working toward the transition to a low-carbon society, The Power Solution Group contributes to stable power supplies as well as to creates new added-value for power consumers/users by combining renewables and other environmentally friendly energy sources and digital technologies.
In the power generation business, Mitsubishi Corporation (“MC”) is making a shift towards renewable energy, and aims to achieve at least 20% renewable energy by 2030 based on generation amount. Furthermore, MC has adopted a policy not to enter into any new coal-fired power generation businesses with the exception of projects which MC has already commenced development.
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.
In the latest midterm management plan, entitled “Midterm Corporate Strategy 2021”, which commenced in the year 2019, 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, in addition to the traditional offering of power generation and transmission (“supply side”), we are engaged in downstream services (“demand side”) including power storage, distributed power supply, and power trading, and seek to maximize our corporate value covering the entire value chain.
As recent examples, MC has acquired Dutch energy company “Eneco” in March, 2020. Eneco boasts the second largest share of the Dutch energy market, with a portfolio that includes an installed capacity of approximately 1,300 megawatts in renewable assets. Its businesses include power generation, the trading and sale of both gas and electricity, and the supply of district heating systems.
In February 2019, MC entered into the electricity retail business in the UK through an investment in innovative energy provider OVO Group Limited (“OVO”). OVO commits to achieve net zero carbon emissions across its own operations by 2030.
Furthermore, in addition to supplying green power to customers, OVO is developing products and services such as providing services to calculate customers’ emissions in order to mobilize a zero carbon community through its memberships.
In August 2019, MC invested in BBOXX Limited (“BBOXX”), a next generation utility company. BBOXX delivers electricity to the region’s residents living in off-grid areas through an innovative Solar Home System consisting of solar panels, battery storage, and a variety of home appliances on a pay-as-you-go (*) basis.
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 achieve at least 20% renewable energy in its power generation business (by 2030, based on generation amount). Furthermore, MC has adopted a policy not to enter into any new coal-fired power generation businesses, with the exception of projects which MC has already commenced development.
*Pay-as-you-go: A mobile payment mechanism enabling customers to pay according to their energy usage.
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ESG Data Book 2019:
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