Japan Petroleum Exploration Co., Ltd. (JAPEX) announced that the No.2 unit of Fukushima Natural Gas Power Plant (hereinafter "the power plant") commenced commercial operation today at 0:00 AM. The power plant has been under construction by Fukushima Gas Power Co., Ltd. (Main Office: Chiyoda-ku, Tokyo, President and Chief Executive Officer: Yoshitaka Ishii, hereinafter “FGP”), which is a project company to promote the project of natural gas-fired power generation at Soma Port in Shinchi Town, Fukushima Prefecture (hereinafter “the project”), which JAPEX participate as the project partner. As the basement of the project, the power plant had been under construction at Soma Port No.4 Warf, since the investment decision in October 2016 by FGP and its shareholders: JAPEX, Mitsui & Co., Ltd., Osaka Gas Co., Ltd., Mitsubishi Gas Chemical Co., Inc., Hokkaido Electric Power Co., Inc. Together with the No.1 Unit commenced commercial operation on April 30, 2020, the power plant’s generation capacity is a total of 1.18 million kW (two units of 0.59 million kW). The power plant uses regasified LNG (Liquefied Natural Gas) for fuel, as the lowest emission of Green House Gas (GHG) and air pollutants among fossil fuels*1 and adopts GTCC (Gas Turbine Combined-Cycle) with highly generation efficiency of 61%*2 by utilizing the latest technologies to the proven model. The No.2 LNG tank with 230,000 kL capacity and additional regasification equipment of the second constriction phase in Soma LNG terminal was transferred to full-scale operation in the time with the commercial operation of No.2 Unit of the power plant. Under the contract with FGP, JAPEX conducts management of the facilities constructed in the second construction phase, as well as storage and regasification of LNG fuel used for power generation, and supply of re-gasified gas to the power plant based on the tolling method*3 this project applies. Please refer to the appendix for the outline of the power plant and the corporate profile of FGP. By operating the power plant stably with safety management as the first priority, JAPEX, together with its five business partners, will stably supply electricity with lower cost and lower environmental burden that can respond to changes in the market environment such as deregulation of the electric market and reduction of GHG, as well as making mid to long term contribution for rebuilding industrial bases and new urban development in Hama-dori area, Fukushima Prefecture, which Fukushima Innovation Coast Framework*4 is aiming for. Also, towards the realization of "Growth to the Integrated Energy Company Utilizing Oil and Gas E&P and its Supply Basis," as raised in our Long-term Vision and Mid-term Business Plan, JAPEX will proceed on our business and contribution to the local society through our business. The impact of this matter on the consolidated financial forecasts for the fiscal year ending March 31, 2021 is already recognized in the latest forecasts.
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