TOKYO : Japanese city gas distributor Tokyo Gas Co Ltd said on Friday it will spend 2 trillion yen on cleaner fuels, such as hydrogen, and renewable power with the aim of doubling its profit to 200 billion yen by 2030.
"We will begin benefitting from our planned investments in the later 2020s and aim to achieve 200 billion yen profit in 2030," he said. About a quarter of the 2 trillion yet budget will be allocated to renewable energy and 100 billion yen to hydrogen production and other clean fuels. Tokyo Gas and other utilities are stepping up overseas expansion as they face falling demand in Japan, which has an ageing population and a declining birthrate, while the liberalisation of its energy markets has spurred competition among old-guard utilities.
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