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Mitsubishi Electric and Mitsubishi Heavy Industries (MHI) have said that they plan to integrate their power generation business and expand globally, with the expectation that electricity demand will increase. The companies said in a press release that they plan to set up the power generation joint venture by 1 April, 2024, with Mitsubishi Electric as majority owner.
EP Shanghai 2024
The companies said: “This business integration will create a stronger partnership than ever before and expand the two companies’ power generator systems on a global scale, thereby contributing to the realisation of a carbon-neutral society.”
According to the two companies, large-scale power plants that have supported the power infrastructure so far will play an important role to adjust for the increase in variable renewable energy sources.
The companies said: “Considering the market environment, Mitsubishi Electric and Mitsubishi Heavy Industries have reached this basic agreement to strengthen their market competitiveness further by integrating their respective businesses and combining their respective technologies and assets.”