August 8, 2003
The Tokyo Electric Power Company, Inc.
Mitsui & Co., Ltd.
Tokyo - Today, The Tokyo Electric Power Company, Inc. ("TEPCO") and
Mitsui & Co., Ltd. ("Mitsui") purchased the interests (assets and
project contracts etc.) of the Tarong North Power Station Project,
and started the operation of its Tarong North Power Station
(coal-fired, 450MW). TEPCO, jointly with Mitsui, signed an agreement
with Tarong Energy Corporation Limited ("Tarong Energy"), a Queensland
state-owned power generating company in August 2002, in order to take
part in the Tarong North Power Station Project in Queensland, Australia.
In the project, Tarong Energy launched construction of Tarong North
Power Station in January 2000, located 180km northwest of Brisbane,
Queensland, and completed the construction today. TM Energy (Australia)
Pty Ltd ("TM Energy"), which was jointly established by Tokyo Electric
Power Company International B.V. ("TEPCO International", a subsidiary
of TEPCO) and Mitsui Power Investment Pty Limited ("Mitsui Power
Investment", a subsidiary of Mitsui), acquired 50% interests. At the
same time, TM Energy and TN Power Pty Ltd ("TN Power", a project company
of Tarong Energy) established "Tarong North Power Station Joint Venture"
and launched the sale of all the generated power to Tarong Energy.
TEPCO will fully utilize its management resources such as knowledge of
operation and maintenance of power plants that it has long accumulated
in Japan, and will continue to promote this project by sending its
engineering staff. TEPCO has developed five overseas power generation
projects in Taiwan, Vietnam, UAE and so on, and will also actively work
on overseas projects and seek for further growth and development in the
future by finding new business opportunities abroad.
Mitsui believes that it was able to carry out its duties by utilizing
its high level of skill in collecting and analyzing market information
accumulated over many years of experience, in addition to its extensive
experience in power plant construction and energy resource development
in overseas locations such as Australia. In the future, Mitsui will
manage this project to the best of its ability by adequately applying
the knowledge it has obtained from executing numerous past investment
deals.
Reference
1. Outline of Tarong North Power Station Project
(1) Name of Station: Tarong North Power Station
(2) Location: About 180 km northwest of Brisbane, Queensland,
Australia
(3) Total Project Cost: Approx. 50 billion yen
(4) Interests of Tarong North Power Plant:
TN Power: 50% (100% subsidiary of Tarong Energy)
TM Energy: 50%
(5) Output: 450MW
(6) Type of Generation: Coal-fired
(Supercritical Steam Condition)
(7) Date of Commercial Operation: August 2003
(8) Term of Joint Venture: 30 years
(Term of Electricity Agreement with
Tarong Energy is for 20 years)
(9) Off-taker: Tarong Energy
2. Outline of Tarong Energy
Tarong Energy was established by being separated from a Queensland
state-owned power generating company in July 1997. It owns Tarong
coal-fired Power Station(four units, 1400MW) and Wivenhow pumped
storage hydro-electric Power Station (two units, 500MW). Its head
office is located in Brisbane.
3. Outline of TM Energy
TM Energy is a project company which TEPCO International, a 100%
subsidiary of TEPCO, and Mitsui Power Investment, a subsidiary of
Mitsui, jointly established in February 2002 in order to take part
in the Tarong North Power Station Project. TEPCO International
holds 70% of the shares (Capital investment is approximately
4.5 billion yen) and Mitsui Power Investment holds 30% (Capital
investment is approx. 2 billion yen). TM Energy is located
in Brisbane. |