Latest News

Japan to nearly achieve 2030 renewable power generation target, estimates GlobalData

August 10, 2022 (Investorideas.com Newswire) Japan is focusing on the rapid development of renewable energy to fill the void created by the Fukushima nuclear power plant disaster. Japan released the Sixth Strategic Energy Plan in October 2021, which increased the country’s renewable power (including hydropower) generation target from the previous 22-24% to 36-38% by 2030. As per the current trend, renewable power is set to account for 34.6% of the generation mix in 2030, which is close to the target, says GlobalData, a leading data and analytics company.

GlobalData’s latest report, ‘Japan Power Market Size, Trends, Regulations, Competitive Landscape and Forecast, 2022-2035‘, reveals that the expansion of renewable power capacity faces specific challenges.

Attaurrahman Ojindaram Saibasan, Power Analyst at GlobalData, explains: “Historically, the proliferation of renewable power projects has been hindered by the difficulty of getting such projects connected to the grid. Since the grid is in the hands of various local utilities, connection charges are high. This is compounded by the fact that the rules for setting up renewable projects are cumbersome, and it takes three or four years to clear all regulatory hurdles. Very few developers have sufficient funds or patience to see their projects through this process.”

Consequently, the government has decided to reduce the waiting period for the approval of renewable power projects to less than two years. In addition, the establishment of a centrally operated grid may finally allow renewable projects to be set up faster, encouraging the sector to grow into a significant part of Japan’s power network. The implementation of an approval process for renewable projects through auctions will hopefully change the system and increase the speed at which projects are commissioned.

Saibasan concludes: “Another challenge that the country faces about the renewable sector’s expansion is a lack of space. Japan’s quest to replace thermal power with renewables will not be possible mainly because it will need to cover virtually all its free land with solar panels to fully power the country.

“Offshore wind is an option, and the country is also experimenting with floating solar power. These resources were expensive but are now more economical with improvements in technology. Again, Japan’s efforts to implement a public tendering system to approve new renewable power projects will be able to take advantage of the falling prices of newer technologies.”

For more information

To gain access to our latest press releases: GlobalData Media Centre

Analysts available for comment. Please contact the GlobalData Press Office:

EMEA & Americas: +44 (0)207 832 4399
Asia-Pacific: +91 40 6616 6809
Email: pr@globaldata.com

Notes to Editors

Quotes provided by Attaurrahman Ojindaram Saibasan, Power Analyst at GlobalData
Information based on GlobalData’s report Japan Power Market Size, Trends, Regulations, Competitive Landscape and Forecast, 2022-2035

About GlobalData

4,000 of the world’s largest companies, including over 70% of FTSE 100 and 60% of Fortune 100 companies, make more timely and better business decisions thanks to GlobalData’s unique data, expert analysis and innovative solutions, all in one platform. GlobalData’s mission is to help our clients decode the future to be more successful and innovative across a range of industries, including the healthcare, consumer, retail, financial, technology and professional services sectors.

More Info:

This news is published on the Investorideas.com Newswire – a global digital news source for investors and business leaders

Disclaimer/Disclosure: Investorideas.com is a digital publisher of third party sourced news, articles and equity research as well as creates original content, including video, interviews and articles. Original content created by investorideas is protected by copyright laws other than syndication rights. Our site does not make recommendations for purchases or sale of stocks, services or products. Nothing on our sites should be construed as an offer or solicitation to buy or sell products or securities. All investing involves risk and possible losses. This site is currently compensated for news publication and distribution, social media and marketing, content creation and more. Disclosure is posted for each compensated news release, content published /created if required but otherwise the news was not compensated for and was published for the sole interest of our readers and followers. Contact management and IR of each company directly regarding specific questions.

More disclaimer info: https://www.investorideas.com/About/Disclaimer.asp Learn more about publishing your news release and our other news services on the Investorideas.com newswire https://www.investorideas.com/News-Upload/ and tickertagstocknews.com

Global investors must adhere to regulations of each country. Please read Investorideas.com privacy policy: https://www.investorideas.com/About/Private_Policy.asp

RenewableEnergyStocks.com: investing ideas in renewable energy stocks

Like Renewable Energy Stocks? View our Renewable Energy Stocks Directory

Buy a renewable energy guest post on Investorideas.com

What's your reaction?

Excited
0
Happy
0
In Love
0
Not Sure
0
Silly
0

You may also like

Leave a reply

Your email address will not be published. Required fields are marked *

More in:Latest News