Japan NRG Weekly 20201124

November 24, 2020

JAPAN NRG WEEKLY

NOVEMBER 24, 2020

JAPAN NRG WEEKLY

November 24, 2020

JAPAN NRG WEEKLY

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NEWS: OIL & GAS

Tokyo Gas, Marubeni to build a ¥200 billion LNG-fired power plant in Vietnam

(Asia Nikkei, Nov. 19)

• Tokyo Gas and Marubeni signed a memorandum of understanding with Petrovietnam Power, a part of state-owned Vietnam Oil and Gas Group, and a local construction company. Total investment is expected to be around ¥200 billion ($1.93 billion).
• Feasibility study on the project in the coastal province of Quant Ninh is now due to begin, as well as power price talks. The partners aim to bring the 1,500 MW plant online in 2026.
• The project includes the building of an LNG receiving terminal and regasification facilities, as well as a pipeline to the power station.
• CONTEXT: This will be the first full-cycle LNG project for Tokyo Gas overseas. Several Japanese companies are trying to break into the energy markets in Vietnam, with the oil refiners the most advanced so far. Marubeni is working on similar LNG-to-power deals in Indonesia and Myanmar.

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LNG price reaches one year high on Chinese/South Korean demand

(Nikkei Shimbun, Nov. 17)

• LNG spot markets in Asia hit their highest price in nearly a year amid increasing Chinese demand for LNG as a replacement for coal.
• South Korea also moved to procure additional LNG in preparation for a harsh winter.
• This comes as production issues in the supplier nations restrict throughput.
• The price paid in Japan for imported natural gas is also likely to rise.

TAKEAWAY: LNG prices in Asia have been on a tear since August, quickly rising on expectations of colder weather from some of the lowest levels ever seen. LNG cargoes on a DES-basis traded around $6.50 to $7 / mmbtu level last week, three times the level of spring when the global pandemic caused widespread lockdowns. However, since most of Japan’s LNG imports come via long-term contracts, most of which are still tied to oil prices, the change in LNG spot prices will only have a mild impact on the domestic import price.

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Tokyo Gas walks away from Mexico LNG supply deal

(Bloomberg, Nov. 18)

• Co. stopped talks with the Energia Costa Azul LNG project in Mexico, a Tokyo Gas spokesperson said, without explaining the reasons.
• Co. had signed a preliminary accord with units of Sempra Energy in Nov. 2018 to buy as much as 800,000 tons per year for 20 years.
• CONTEXT: The 3.25-mtpa Energia Costa Azul project has just received green light from local regulators and will start to export LNG to China and Japan in the next year years. The project is able to transport LNG through Mexico’s west coast, thus bypassing the Panama Canal and cutting costs. According to BNEF, the project could export 2.5 mtpa to Asia, with Total and Mitsui & Co. the biggest traders of the fuel.

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INPEX to lay second natural gas pipeline in central Japan

(Sekiyu Tsushin, Nov. 18)

• INPEX (International Petroleum Exploration Teikoku Oil) Corporation will install a second gas pipeline along some sections of its North-Kanto network, after projecting strong growth in demand.
• A second pipeline will be laid along a 6 km section of the 89 km Ryomo pipeline, between Tatebayashi (Gumma) and Sano (Tochigi).
• INPEX is also considering extending the 213 km New Tokyo pipeline by 16 km between Fujioka and Honjo.
• CONTEXT: Six different gas companies currently supply the Ryomo pipeline. The additional pipeline route is due to ensure better access to the distribution infrastructure for all the companies, which should improve the consistency of gas supply.
• SIDE DEVELOPMENT:
  Tokyo Gas Ibaraki pipeline to go online in 2021
  (Nikkan Kogyou, Nov. 20)
  • A new 92 km gas pipeline laid by Tokyo Gas between the Ibaraki cities of Hitachi and Kamisu will become operational in early 2021.
  • Work began on the pipeline in January 2018 and was completed in October.
  • The new pipeline will increase the utility’s supply capacity by around 10%.
• SIDE DEVELOPMENT:
  Tokyo Gas orders random checks over revelations of fake renewables claims
  (Kensetsu Kogyo Shimbun, Nov. 20)
  • Tokyo Gas has called on its construction contractors to perform random checks on subcontractors after revelations that contractors used non-approved filling materials to backfill trenches dug when laying gas pipes.
  • The use of non-compliant materials can cause asphalt to crack and roads to be weakened. Tokyo Gas says it may order asphalt to be re-laid at some work sites.

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Tokyo Gas likely to restart share buybacks from spring 2021: Mizuho

(DZH traders report)

• Mizuho bank analysts said they believe Tokyo Gas is likely to recommence its share buyback in or after Spring 2021.
• Mizuho raised its target price for Tokyo Gas shares from ¥2,650 to ¥2,900.

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Tokyo Gas and Osaka Gas score highly in ranking of staff salaries

(Gendai Digital via Yahoo News, Nov. 18)

• Tokyo Gas is Japan’s largest household gas supplier, serving Tokyo, Kanagawa, Saitama, Chiba, Gumma, Ibaraki, and Tochigi with a 60,000 km network of pipes.
• Osaka Gas is Japan’s second-largest gas utility in terms of volume sold, and has a reputation for excelling in new technologies such as catalytic fuel cells.
• The average salary for a permanent employee at Tokyo Gas is ¥6.6 million, while employees at Osaka Gas earn an average of ¥6.5 million.
• These salaries are high by local standards, and employees of both utilities can expect to retire comfortably.

NEWS: POWER & NUCLEAR

Source: Company websites, JANSI and JAIF, as of Nov. 22, 2020
 

Japan releases FY2019 energy consumption figures (preliminary)

(Japan NRG, Nov. 18)

• Total energy consumption dropped 2% YoY; of this, oil use was down 2.5%, coal – down 2%, gas – down 0.1%, electricity consumption – down 1.9%.
• Electricity consumption was down 4.1% among householders, mainly due to a warm winter; usage was down 1.1% for commercial and industrial users on lower steel and chemicals industry capacity.
• Primary energy supply was down 3.1% YoY; use of fossil fuels declined for a sixth consecutive year. Supply of renewables and nuclear power increased for a seventh consecutive year.
• Output of electricity from renewables (including unused generation) increased by 1.7% YoY, driven by solar and biomass power generation.
• Output of fossil fuels for thermal power generation, as well as use of petroleum for businesses and coal for industrial production, dropped by 3.8% YoY.
• The share of fossil fuels in the primary energy mix dropped to 85%, the lowest since the 2011 Great East Japan Earthquake and tsunami disaster.
• Total power generation was down 2.2% to 1.28 trillion kWh. The ratio of non-fossil fuels in electricity was at 24.2%, up 1.2% from the previous year.
• Electricity mix by energy source: renewables – 18% (up 1.2%), nuclear – 6.2% (flat), and thermal power (excluding biomass) – 75.8% (down 1.2%).
• Energy-derived CO2 emissions decreased by 3.4% from the previous year, decreasing for the sixth consecutive year to 1.03 billion tons. This is a 16.7% drop compared with the 2013 level.
• CO2 emissions per kilowatt hour of electricity improved by 2.6% from last year to 0.47kg of CO2 / kWh.
• CONTEXT: Emissions jumped by 2013 from two years earlier because Japan switched off its nuclear reactors in the aftermath of the earthquake and tsunami, which also caused a major accident at the Fukushima Dai-Ichi nuclear station. Emissions have since trended down as the ratio of nuclear power in the mix has risen and the country’s renewable energy industry has greatly expanded.
• CONTEXT: These figures will later be updated with the final numbers. However, it’s very unlikely that there will any notable changes.
• SIDE DEVELOPMENT:
  Japan’s decarbonization fails to improve for 25 years

  (Asia Nikkei, Nov. 22)

  • Japan’s carbon emissions per unit of GDP are flat since the 1990s. In that time, most European countries have reduced theirs by half to one-third using renewable energy.

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Telecoms giant NTT plays down concerns that it will take control of the electricity market

(Diamond, Nov. 14)

• CONTEXT: NTT Group is Japan’s dominant telecommunications firm, which controls not only the fixed-line market but also owns the top mobile carrier in the country and is the main player in many domestic ICT business areas. The group created a renewable energy unit last year, named NTT Anode Energy Corp, and in June vowed to invest around $9 billion in green energy and the smart grid, while also forming a partnership with Mitsubishi Corp., the top Japanese trading house. This prompted concerns among power utilities that NTT was aiming to move into their market.
• NTT Anode Energy CEO Takama Toru denies reports that his company will progressively impinge on the electricity generation, transmission, and retail sectors.
• Takama says NTT Anode Energy is an infrastructure company, the focus of which is construction of smart cities. While he conceded that in the process of establishing infrastructure, NTT Anode Energy might impinge to some extent on the territory of power companies, Takama insisted that NTT’s main focus is making the world more sustainable.
• Rather than fighting with power companies for market share, NTT Anode Energy will cooperate with the electricity industry, says Takama.

TAKEAWAY: It’s possible to overestimate the impact that NTT Group, no matter its size, would have on the electricity market. It is, after all, a new player in this field. Still, NTT is partly state-owned, and it’s often described as more of a ministry than a corporation. Given its firepower and administrative resource, NTT could become a state-guided instrument for disruption in the power market. NTT’s rival in the mobile carrier space, SoftBank, has already built a sizeable presence in power generation by creating solar and wind power stations. NTT may see opportunities to forge even further synergies between telco and power distribution in the increasingly IoT-driven, smart-grid cityscapes.

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Japan’s operating nuclear reactor number rises to three; two more close to restart

(Japan NRG, Nov. 23)

• In the last five days, Kyushu Electric has restarted its Sendai NPP Unit 1 and the Genkai NPP Unit 3, to add to Genkai’s Unit 4, which was already in operation.
• The reactors were shut down for months so that Kyushu Electric could implement new measures to make the sites more resilient against terrorist attacks.
• Should Kyushu Electric restart Sendai NPP Unit 2 according to its plans around Dec. 26, the utility will have all its nuclear reactors operating at the end of this year.
• Kansai Electric is due to restart Takahama NPP Unit 3 around Dec. 22. This completes the reactor restarts expected during 2020.
• In addition, Kansai Electric met with local authorities in the town of Mihama, host of another of its NPPs, about restarting the facilities there. The meeting went well, without fundamental opposition to a restart, according to comments made by the chairman of the local committee on the matter that comprises bureaucrats and business leaders, as reported by Asahi Shimbun on Nov. 19.
• CONTEXT: Kansai Electric’s restarts are more complicated than those of Kyushu Electric because of the aftermath of a corporate scandal at Kansai. The utility has tried to rally public opinion in localities that host its nuclear assets, but with mixed results so far. The comments from Mihama locality are the most positive to date.
• SIDE DEVELOPMENT:
  TEPCO has no choice but to abandon Kashiwazaki-Kariwa NPP
  

  (Gendai, Nov. 17)

  
  

TAKEAWAY: Should Kansai Electric manage to receive local political backing it could return online all seven of its reactors by mid-summer 2021. That, and the restart of TEPCO’s Unit 7 at the Kashiwazaki-Kariwa NPP, also expected in the next six months, would cardinally change the picture for nuclear power in Japan. However, Japan NRG is currently cautious about the possibility of this “best-case” scenario for nuclear power in Japan.

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EDITORIAL: Not enough debate on future of nuclear power in Japan

(Nikkei, Nov. 17)

• There is consensus that to achieve its target of zero net carbon emissions by 2050 Japan will have to drastically reduce its use of coal and other fossil fuels. When it comes to the future of nuclear, however, commentators differ.
• The Institute for Global Environmental Strategies, a government think tank, has made no explicit statement on the future of nuclear power.
• The Institute’s modeling suggests Japan can use sustainably-generated electricity to supply 100% of demand, assuming a 62% reduction in total energy consumption over 2015, achieved by savings and optimization. However, fossil fuels will remain part of the picture to supply industrial demand, necessitating CO2 sequestration, says the Institute.
• While the non-governmental Renewable Energy Institute (REI) says Japan can source 100% of its energy from renewable sources by 2050, without relying on nuclear power or carbon sequestration, it fails to back up its claims with detailed analysis.
• CONTEXT: The REI is one of the main lobbyists for an expanded role for renewable energy in Japan and it has allies across the business and political spectrum. The institute’s representatives were part of the Japan Climate Initiative (JCI) delegation, which included CEOs from Sony, Ricoh and Kao, that met with Reform Ministry Kono Taro on Nov. 18 to submit a proposal for more usage of green electricity in the country.

TAKEAWAY: Backers of more renewable energy in Japan seem to be gaining more government attention and support since this summer. This may be due to the Japanese government starting to take notes of Europe’s energy policies more than those of the U.S., its traditional beacon. While there are many nuances and caveats, one major difference in the Western European approach is its lesser interest in nuclear power. The “old guard” in Japan are skeptical of following the European path of renewables-only and letting go of the country’s nuclear capacity. As the Nikkei editorial writer notes, the idea of how Japan can achieve decarbonization goals without turning to nuclear power has not yet been made clear by the government.

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Kashiwazaki community explores ways to kick the nuclear habit

(Nikkei, Nov. 18)

• For over 100 years, Kashiwazaki in Niigata has prospered on the back of the oil and nuclear industries. Now, however, it is exploring new energy options.
• The city’s 2018 energy vision pledged to end reliance on nuclear power.
• One proposal involves building large solar and wind farms in the area, and transmitting the power to greater Tokyo, using the transmission lines built to carry nuclear-generated electricity.
• Projects to decommission disused reactors also promise to inject money into the local economy. It costs around ¥70 billion to decommission a single reactor.

TAKEAWAY: The localities of Kashiwazaki and Kariwa co-host a major nuclear power plant, which is operated by TEPCO. However, since the 2011 Fukushima disaster, all of the nuclear capacity owned by TEPCO has been shut down and / or slated for decommissioning. The utility has been particularly keen to restart the Kashiwazaki-Kariwa nuclear plant and last week’s local elections in both towns suggested local support for this action. However, even if the plant does restart, it seems highly likely that only two of its seven reactors will ever come back online. This leaves the revenues of the localities much lower than they once were, which is why the towns are looking at other energy options. This does not suggest the towns are opposed to restarting the Kashiwazaki-Kariwa nuclear station.

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Covid-19: Domestic electricity revenue down despite increased consumption

(Denki Shimbun, Nov. 20)

• The Institute of Energy Economics has released the results of a survey of the effect of the coronavirus pandemic on domestic electricity consumption.
• The Institute found that despite increased electricity consumption by domestic subscribers since February, which is due to the increasing number of people working from home, falling electricity tariffs meant actual revenue continued to fall until June.
• It is possible that revenue will now start to increase due to higher fuel prices, the Institute said.

---

October Switching Data: decrease across all 10 areas in Japan

(Gas Energy News, Nov. 16)

• OCCTO published switching data for October. The number of applications for the month of October was 375,400, a decrease of about 60,000 from September, which was at a relatively high level of just under 440,000.
• The cumulative number of switching applications to date has reached 18,486,900.

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TEPCO hydropower dam blamed for dry river

(Asahi Shimbun via Yahoo News, Nov. 19)

• The diversion of water from the Midono river (Nagano) to feed the Midono hydro lake, operated by the Tokyo Electric Power Company, is causing the river to dry up frequently.
• Environmental groups have called on TEPCO to take action, saying that fish are no longer able to travel upstream to spawn. This could have serious environmental consequences, they say.
• Pipes remove up to five metric tons of water from the river every second.

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The little-known, turn-of-the-century battle for the electricity market

(Diamond, Nov. 15)

• The predecessor of TEPCO was established in 1883. By 1906, Japan had a total of 84 power companies.
• The advent of high-tension lines enabled power to be transmitted over longer distances. This enabled the construction of a hydro dam in Yamanashi in 1907.
• A battle for market share soon erupted between the “big five” players: (TEPCO predecessor) Tokyo Electric Light, Toho Electric Power, Ujigawa Denki, Great Consolidated, and Nippon Denryoku.
• Competition was so fierce that it was common for salespeople from rival power companies to brawl with each other on the street.
• This battle of attrition caused the financial performance of Tokyo Electric Light, Toho, and Ujigawa to suffer, eventually driving them to form a cartel—the Japan Electric Generation and Transmission Company—in 1932. The age of competition was over.

NEWS: RENEWABLES & OTHERS

Environment Ministry pushes for Japan to disclose CO2 emissions per company unit

(Nikkei Shimbun, Nov. 22)

• Environment Minister Koizumi Shinjiro said Nov. 22 that he will put together a bill to amend the law to allow the government to push for the disclosure of CO2 emissions per company unit.
• The current system only requires emissions disclosure if the total exceeds a certain level. This will widen the application of the rule and ask for each firm to show emissions on a per business unit level.
• The idea is also to help investors understand the breakdown of emissions of companies and encourage companies to invest in better efficiency of their older environmentally unfriendly assets.
• Koizumi said he wants to help companies that make ESG initiatives get rewarded by the market.
• Koizumi said he will push for three areas to be supported by the next government budget: renewable energy, electric vehicles (EV) and fuel cell vehicles (FCV), as well as the decarbonization of housing.
• The minister also said renewable energy should be made the main power source for Japan and nuclear energy should be used as little as possible.
• Thermal power can improve its emissions by utilizing hydrogen and ammonia, he said. “Ultimately, we’d like to support thermal generation that does not produce emissions.”

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Japan needs ¥10 trillion ($96 billion) green fund to support energy transition: Govt. Advisor

(Bloomberg, Nov. 18)

• Advisor to Prime Minister Suga tells Bloomberg that Japan needs a fund to invest in green technologies and digitalization, and the money may come from the third additional budget the government plans this year as part of the post-COVID economic revitalization measures.
• Kumagai Mitsumaru, chief economist at Daiwa Institute of Research, was appointed as one of the advisors to PM Suga last month. His comments hint that the government is serious in following up on PM Suga’s pledge to make Japan carbon-neutral by 2050.
• Kumagai cited an unidentified study that suggests Japan needs to invest ¥11 trillion each year of public and private funds to meet the 2050 target.
• SIDE DEVELOPMENT:
  NEDO publishes report on IT innovation and climate change in light of President-Elect Biden
  (TechCrunch Japan, Nov. 18)
  • State-backed research and development entity, New Energy and Industrial Technology Development Organization (NEDO), published report on what Japan needs to do to act on climate issues.
  • The report mostly looks at the New Green Deal of President-Elect Joe Biden and finds what may be the equivalent policies in Japan, Europe and China. NEDO also points out that U.S. green policies will ramp up the nation’s spending on technical innovation to ¥23 trillion / year, which is less than China’s ¥30 trillion / year, but a lot more than Japan’s ¥5 trillion / year.
• SIDE DEVELOPMENT:
  Survey of Japanese firms reducing CO2 emissions
  (Asia Nikkei, Nov. 17)
  • Nikkei surveyed 731 major Japanese companies. Of these, 42% said they reduced direct greenhouse gas emissions in fiscal 2019.
  • The leaders in the fight against climate change included Sapporo Holdings, Omron, and Ricoh.

TAKEAWAY: As we noted in one of the top items in last week’s Japan NRG Weekly, Suga’s government is assembling resources to push for more public and private sector moves into energy efficiency and decarbonization. These moves will include tax break for renewable energy projects, making more land available for solar, wind and geothermal stations, including in national parks and on land currently classified as reserved for agriculture. The government also wants to support batteries, EVs, fuel cells, the hydrogen economy, and carbon capture technology development.

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Universities invent alloy that turns impacts into electricity

(ITmedia, Nov. 16)

• Researchers at Tohoku University and Yamagata University have developed a material comprising cobalt iron and aluminum alloys that generates electricity when struck.
• The material could have applications in the manufacture of car parts and engine parts, where strength and durability are required.
• The researchers succeeded in greatly increasing the voltage and current generated by the material.
• SIDE DEVELOPMENT:
  Japan works to cut cost of battery materials
  (Nikkei Shimbun, Nov. 21)
  • Research is underway to increase the cost competitiveness of commercial storage batteries, which hold the key to the spread of renewable energy. Technologies for improving performance while using inexpensive sodium and lead are being developed one after another.
  • The work is focused on finding alternatives to lithium-ion batteries, which are expensive because they use rare materials such as lithium and cobalt.

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Toyota Tsusho signs exclusive distribution agreement for SFC fuel cell

(New Energy Business News, Nov. 17)

• Toyota Tsusho, a trading house, has bought exclusive rights to sell ethanol powered fuel cells manufactured by Germany’s SFC Energy in Japan.
• The fuel cells’ applications include powering wind monitoring stations in isolated areas, and as a portable backup power supply for use in emergencies.
• SFC has the largest share of the international market for fuel cells with an output of up to 500 Watt.
• The fuel cell generates electricity directly from ethanol and air using a patented catalytic technology, and is able to continue providing power for up to a month.

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Idemitsu invests in Swiss clean tech fund Emerald Technology Ventures

(Company press release, Nov. 16)

• The open innovation fund operated by Emerald has a portfolio of industrial innovations such as material chemistry and clean tech that contribute to improving energy efficiency and solving social issues such as CO2 reduction.
• Idemitsu noted that Emerald has access to promising start-ups in North America, Europe and Israel.
• CONTEXT: While primarily an oil refining company, Idemitsu Kosan is developing high-performance materials such as lubricating oils, functional chemicals, electronic materials, agribios, and all-solid-state lithium-ion batteries to expand into more green energy businesses as part of its mid-term strategy.

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Ministry scraps hydrogen station subsidy after discovering renewables condition not met

(Mega Solar Business News/Nikkei BP, Nov. 18)

• According to a report by the Board of Audit released on Nov. 10, the plug has been pulled on a Ministry of the Environment initiative to subsidize hydrogen filling stations in regional centers after it became clear that many operators were not using renewably-generated electricity.
• While the use of renewable electricity was a condition of receiving the grant, it was discovered that five out of the seven operators receiving subsidies sourced less than half of the electricity consumed by their operations from renewable sources.
• The scheme was launched in 2015.

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Tohoku Electric to build new geothermal plant in Akita, opening set for 2029

(Denki Shimbun, Nov. 18)

• Tohoku Electric Power subsidiary Tohoku Sustainable and Renewable Energy said on Nov. 17 it will construct a 15 MW geothermal plant in Akita, and aims to have the plant running by 2029.
• Tohoku Sustainable began surveying the area’s geothermal resources in 2010.
• The plant will use “single flash” technology, and separate hot water from steam, with the steam being used to produce electricity while the hot water is reinjected into the ground.
• Work on the plant will begin in 2025.

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SPARX to build 7.1 MW woody biomass power plant in Toki City, Gifu Prefecture

(New Energy Business News, Nov. 16)

• SPARX Green Energy & Technology will sell electricity to Chubu Electric using the FIT scheme.
• Investment is about ¥7 billion. Construction is due to start in Jan. 2021, and the plant should be operational two years later.
• The FIT price will depend on the fuel that the station uses, varying between ¥33 / kWh for scrap wood to ¥13 / kWh for recycled materials. About 65,000 tons of various types of wood chip fuel will be used.

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Osaka Gas group’s liquid CO2 plant goes online

(Denki Shimbun, Nov. 17)

• Osaka Gas said on Nov. 16 its new liquefied CO2 plant in Niigata has begun commercial operation. New technologies for removing impurities from carbon dioxide gas mean the plant is capable of producing highly pure CO2.
• It is hoped that the plant, which aims to sell 50,000 metric tons of CO2 per day, will help relieve Japan’s chronic shortage of the commodity.
• Liquefied carbon dioxide has uses in welding, beverages, and dry ice production.

 

ANALYSIS

ANALYSIS

GLOBAL VIEW

BY TOM O’SULLIVAN

Below are some of last week’s most important international developments monitored by the Japan NRG team because of their potential to impact energy supply and demand, as well as prices. We see the following as relevant to Japanese and international energy investors.

STOCK MARKET PERFORMANCE

	As of close on Nov 20, 2020	Ticker	Market Cap	1W (%)	MTD (%)	YTD (%)
			billions of yen
Energy
	INPEX CORP	1605 JP	842.30	5.11	-48.40	6.59
	JAPAN PETROLEUM EXPL.	1662 JP	105.16	2.34	-35.92	-0.38
	ENEOS HOLDINGS INC	5020 JP	1210.06	1.19	-20.30	1.96
	IDEMITSU KOSAN CO LTD	5019 JP	657.98	0.18	-22.77	1.38
	COSMO ENERGY HOLD.	5021 JP	149.96	0.68	-25.93	11.54
Industrials
	MITSUBISHI CORP	8058 JP	3728.42	0.54	-8.69	2.12
	MITSUI & CO LTD	8031 JP	3163.77	0.57	-0.83	2.11
	JGC HOLDINGS CORP	1963 JP	244.96	0.43	-45.41	-0.94
	CHIYODA CORP	6366 JP	63.26	-0.82	-14.13	-0.41
Utilities
	TOKYO ELECTRIC POWER	9501 JP	464.43	-2.69	-38.12	0.35
	CHUBU ELECTRIC POWER	9502 JP	989.57	2.92	-12.31	7.01
	KANSAI ELECTRIC POWER	9503 JP	934.41	-0.24	-17.73	-0.66
	KYUSHU ELECTRIC POWER	9508 JP	448.58	1.94	3.64	5.23
	J-POWER	9513 JP	267.80	-3.30	-42.58	-3.69
	TOKYO GAS CO	9531 JP	1135.95	-1.06	-0.87	11.22
	OSAKA GAS CO	9532 JP	916.28	0.37	7.70	12.42
	TOHO GAS CO	9533 JP	726.57	8.69	55.87	32.56
	SAIBU GAS CO	9536 JP	117.33	0.80	27.30	24.75
	SHIZUOKA GAS CO	9543 JP	75.43	0.10	5.01	9.15

DATA

Domestic Fuel Sales

SOURCES: the Ministry of Economy, Trade, and Industry (METI), Ministry of Finance, and the Petroleum Association of Japan

SOURCES: the Ministry of Economy, Trade, and Industry (METI),
Ministry of Finance

SOURCES: the Ministry of Economy, Trade, and Industry (METI), and the Japan Electric Power Exchang

JAPAN NRG WEEKLY NOVEMBER 24, 2020 JAPAN NRG WEEKLY November 24, 2020 NEWS TOP Japan releases FY2019 energy consumption numbers (prelim.); CO2 from the energy sector is down, so is…