Tokyo Gas revs up LNG and renewables investment

It eyes a 67% increase in profit with the increased investment.

Tokyo Gas presented its long-term vision that targets a 67% increase in operating profit by 2030 through overseas expansion, investment in renewable energy, LNG development and infrastructure projects.

The company wants renewables to account for 40% of its overseas profits by 2030, which are expected to reach JPY40bn (US$366m) by 2030. Tokyo Gas plans to increase its renewable assets from 490 MW currently to 5,000 MW in 2030. The company entered into a venture with Engie in Mexico to develop a 900 MWp portfolio of solar and wind projects.

Tokyo Gas also intends to develop LNG upstream assets and infrastructure projects in Southeast Asia, inlcuding a plan to a LNG terminal in the Philippines in partnership with local utility First Gen. Tokyo Gas also ambitions to boost LNG trading to 5 Mt/year (6.75 bcm/year) by 2030 with a JPY10bn (US$92m) profit target. Tokyo Gas and power utility Chugoku Electric signed in December 2019 a preliminary deal over the procurement of LNG to reduce their costs. Tokyo Gas' LNG import reach around 14 Mt/year (18.9 bcm/year).

This article was originally published by Enerdata.