Japanese energy firm Cosmo Energy is considering building a gas-fired power plant, given that domestic electricity demand is projected to continue rising.
No details of the project framework have been decided. The company unveiled the considerations in its business plan to 2035, which was released on 18 June.
The firm is mulling a gas-fired power plant while aiming to develop its renewable energy capacity, including wind and solar. LNG-fired generation can counter imbalances in renewables output. The firm aims to raise renewable capacity to 490MW by the April 2028-March 2029 fiscal year, up from 364MW in 2025-26. It also plans to increase power sales by 35pc to 3.1TWh over the same period.
But power sources need to balance economic viability with decarbonisation, without being limited to green energy, the company said.
Cosmo is also looking to expand its upstream exposure to natural gas beyond its traditional crude oil business. Details, such as location and timeline, have yet to be decided as the plan remains under consideration. The company may explore such opportunities in the UAE, where it plans to expand oil production.
It remains unclear whether Cosmo will also move into liquefaction and LNG trading, even if it expands into upstream gas production and gas-fired generation.
Fellow energy firm Idemitsu decided in March to invest in MidOcean Energy, an LNG company backed by US investment firm EIG, with the possibility of engaging in LNG trading.
