Chugoku Electric Power (Chugoku EPCo), headquartered in Hiroshima Prefecture, issued a corporate vision white paper called ENERGIACHANGE 2030 on January 21, 2020. “ENERGIACHANGE" is a term that combines a corporate philosophy of "ENERGIA" and its new vision concept "Gear-change. "ENERGIA" is derived from Latin words, expressing activity, work and vitality. It is the origin of energy. "ENERGIA" expresses Chugoku EPCo’s desire to help create a brighter, more dynamic society. The white paper establishes a new vision with financial and non-financial goals. By 2030, Chugoku EPCo seeks to increase the company’s profit share of its fast-growing business segment from 5% to 25%, aiming to grow consolidated ordinary income from JPY 36 billion (approximately USD 328 million) to more than JPY 60 billion (App. USD 546 M). For non-financial goals, Chugoku EPCo plans to enhance its work environment by diversifying human resources and increase the amount of renewable energy capacity to between 300MW and 700MW. The utility plans to strengthen and advance existing businesses by improving the operational efficiency of existing nuclear power plants as well as promoting initiatives for carbon recycling technologies and renewable energy.[1]

After the full deregulation of Japan’s retail electricity market, Chugoku EPCo revenues have decreased due to the introduction of new retail energy providers and increased competition in the market. Though the company has generated a profit surplus, the consolidated ordinary income is only around JYP 30 billion (app. USD 273 M). In 2019, Chugoku EPCo announced that it will establish a wholly owned subsidiary called Chugoku Electric Power Network in April 2020,[2] aiming to separate its power transmission and distribution divisions.[3] Subsequently, Chugoku EPCo released Energia Change 2030, adjusting its vision and reviewing its past achievements.

According to the Energia Change 2030, major measures that will be completed by 2020 include;

1) Promoting development of new energy solutions/services

2) Strengthen the competitiveness of power sources

3) Improve the quality of transmission and distribution network services

4) Create revenue streams in Japan and overseas

5) Enhance collaboration with local communities

6) Improve the balance of income and expenditure.[4] [5] [6]

[1] p. 42, http://www.energia.co.jp/ir/irkeiei/pdf/groupvision_02.pdf

[2] http://www.energia.co.jp/press/2019/12139.html

[3] http://www.energia.co.jp/press/2019/12139.html

[4] p. 11-16, http://www.energia.co.jp/ir/irkeiei/pdf/groupvision_02.pdf

[5] http://www.energia.co.jp/press/2020/12262.html