February 27, 2018 / 1:29 PM / 6 months ago

Japan's Chubu Electric to pay $3.1 bln to JERA

TOKYO, Feb 27 (Reuters) -

* Chubu Electric Power Co announced on Tuesday it would pay 335 billion yen ($3.13 billion) as a capital contribution to fuel venture JERA Co to maintain its equal relationship with Tokyo Electric Power Co (Tepco)

* The two parents of JERA on Tuesday announced they would integrate their 25 fossil fuel-fired plants and other assets such as LNG terminals under JERA in April 2019

* The venture will have a power generation capacity of 66.4 gigawatts, or nearly half of Japan’s total capacity

* Because nearly two-thirds of domestic power plant capacity belongs to Tepco, Chubu Electric will make the payment to account for the difference in plant asset value, a Chubu Electric spokesman said ($1 = 107.0300 yen) (Reporting by Osamu Tsukimori; editing by Jason Neely)

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