February 24, 2011 / 7:47 AM / 7 years ago

UPDATE 2-Chubu Electric: to launch new nuclear plant by 2030

* Without new plant, hard to meet 2030 zero-emission goal

* Plans to make $7.3-9.8 bln overseas investment by 2030

* Of that, $3.7 bln in power, rest in energy development

* Has no plan to issue stocks to finance overseas investment

(Adds detail, background)

By Risa Maeda

TOKYO, Feb 24 (Reuters) - Chubu Electric Power Co (9502.T) plans to build and run a nuclear power plant with a 3,000 to 4,000 megawatt total capacity by 2030, as it looks comply with government guidelines.

Japan, the world’s fifth-biggest greenhouse gas emitter, has drawn a roadmap for a low-carbon economy, including a goal to boost the ratio of zero-emissions power from nuclear and renewable sources to 70 percent of output by 2030 from 34 percent now. [ID:nTFD006428]

“We’ve concluded that without having a new nuclear plant, it would be difficult to meet the zero-emissions goal,” Kazuhiko Okabe, an executive officer, said at a news conference on Thursday. He added that the facility’s location and other details were yet to be decided.

The new plant will help Chubu, Japan’s third-largest power firm, raise its ratio of nuclear power to total electricity output to 50-60 percent by 2030 from 14 percent currently, the firm said.

Along with moves to boost the company’s ratio of renewable power to total output to 10-15 percent from 9 percent now, the new nuclear power station will help cut carbon dioxide (CO2) per kilowatt hour from burning fossil fuels by 50 percent by 2030 from 1990 levels, Chubu said.

Chubu, whose customers are mainly in central Japan, declined to comment on how much it would cost to achieve its 2030 goals.

In September, rival Tokyo Electric Power Co (TEPCO) (9501.T), Asia’s biggest utility, said it planned to invest 2.5 trillion yen ($30.5 billion) on low-carbon projects domestically by 2020 to generate more than half of its power free of CO2 emissions. [ID:nTOE68C06P]

Chubu previously said it plans to build another reactor at its sole Hamaoka nuclear plant, which currently has a total capacity of 3,504 MW.

It also plans to receive electricity from two new reactors at power wholesaler Japan Atomic Power Co’s Tsuruga plant. The two units are now set to start commercial operations in 2017 and 2018. [ID:nTOE71102Q]


Chubu said it plans to increase investment in its overseas power business by five times to a cumulative 300 billion yen by 2030. It wants to expand its operations in the sector to the equivalent of 10 million kw from 1,100 kw as it sees domestic power sales growing by just 14 percent over the next two decades.

It will also invest overseas in upstream energy development, with a cumulative 300 to 500 billion yen to be spent by 2030 in areas such as natural gas, coal and uranium, Chubu said.

Chubu plans to more than triple the volume of gas sales to corporate customers to 2 million tonnes by then.

To finance these overseas activities, Chubu said it plans to use its own cash and bonds, and will not issue stocks. (Reporting by Risa Maeda; Editing by Joseph Radford)

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