Mitsubishi Corp. unit begins electricity sales in Tokyo

Japan Policy & Politics, August 7, 2000

TOKYO, Aug. 1 Kyodo

Diamond Power Corp., a wholly owned subsidiary of major trading house Mitsubishi Corp., on Tuesday began supplying electricity to some office buildings in Tokyo.

Diamond Power is the first company to enter the power retail market since the market for large-lot power sales was liberalized in March.

It is supplying around 30,000 kilowatts of electricity to nine buildings, including one owned by Mitsubishi Corp. and others bearing the Mitsubishi name.

The electricity is purchased from Kashima Kita Kyodo Hatsuden, a power supplier to industrial users in the Kashima industrial area in Ibaraki Prefecture.

The purchase cost is lower than that of Tokyo Electric Power Co., which previously monopolized power supplies in Tokyo and neighboring prefectures.

Diamond Power is also planning to buy electricity from the Keihin works of steelmaker NKK Corp., which is located in Kanagawa Prefecture, to supply other potential clients.