Fukushima Gas Power (FGP) has decided to go ahead with the construction of a 1,180 MW gas-fired CCGT power project in the port of Soma in the Fukushima prefecture of Japan. FGP, a joint venture that was founded by Japan Petroleum Exploration Co (Japex, 50.7%) and Mitsui (49.3%) in April 2015, also approved the participation of new shareholders, namely Osaka Gas (20%), Mitsubishi (9%) and Hokkaido Electric Power (9%), reducing Japex's stake to 33% and Mitsui's stake to 29%.
The project will consist of two 590 MW units, that would be built on the site of the future Soma LNG terminal, currently being built by Japex and expected in 2018. FGP will continue to proceed with the environmental assessment and conclude contracts with EPC (Engineering Procurement and Construction) contractors, aiming to start building the power plant upon completion of the environmental assessment (by the summer of 2017), and to start commercial operations in the spring of 2020.
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