JERA to raise investment share of renewables and LNG to 70%

It aims to double profits up until March 2026.

Reuters reports that Japan's coal and LNG giant JERA aims to double its profit until March 2026 by raising the share of its investments in LNG and renewables to 70%.

The joint venture between Tokyo Electric Power Company Holdings (TEPCO) and Chubu Electric Power became a major electricity generator this month with the takeover of 26 power stations owned by its two shareholders and representing about half of Japan’s thermal power capacity.

Also read: Japan's LNG buyer JERA becomes major electricity generator

“Our top priority is to smoothly combine the two companies’ power operations and bring synergy,” Satoshi Onoda, who became president of JERA on 1 April, said in an interview last week. He added that LNG and renewables are the "key growth areas” for the firm.

To meet growing demand for cleaner energy from its customers, JERA plans to increase its renewable energy capacity to 5GW in seven years, up from 650MW now and increased from an earlier target of 3GW.

Read the full report here.