Aboitiz Power also aims to expand its power generation capacity to 9.2 GW and achieve a 50:50 clean energy and thermal capacity mix by 2030 from steps including the installment of a 1 GW gas-fired power capacity using LNG. Together with Aboitiz Power, JERA is also jointly considering development of LNG-to-power projects.
In the Philippines, JERA has been working with Aboitiz Power, in which it has a 27% stake, to consider ways to help decarbonize the company's power generation, through such steps as including the use of LNG, with an eye to introduce "zero-emission thermal power generation" by using such fuels as ammonia and hydrogen.
"For instance, we are working to drive decarbonization with players in Asia," he said, referring to the company's business developments in the Philippines and Bangladesh. "We are currently wondering about this honestly speaking, but one thing I can say is that we are not only looking at JERA but also looking at Asia as well," Kani said of the company's prospective LNG handling volumes. JERA is not alone with uncertainty about the LNG demand outlook in Japan, where companies are increasingly finding it difficult to commit to long-term LNG supply commitments with prospects of declining domestic demand, coupled with approaching 2050 carbon neutrality targets. JERA, which currently handles 35 million mt/year to 37 million mt/year of LNG, finds it arduous to foresee its LNG handling volume in the mid to long-term because of demand uncertainty, Kani said. "However, I believe this is the essence of the world energy issues," said Kani, who took the helm of JERA's global operations April 1 at a time when the company is ensuring immediate energy supply despite concerns surrounding Russia's invasion of Ukraine, while striving for decarbonization. "It is awfully difficult to achieve these three - sustainability for cutting CO2 affordability, or payable for everyone and stability, or energy security, which is under the spotlight in the midst of such situations over Ukraine," Chairman and Global CEO Yukio Kani said in an interview with S&P Global Commodity Insights.
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