Oct, 30 2018 09:58 JST

Source: Mitsubishi Corporation

MC Retail Energy Enters Virtual Power Plant (VPP) Business Utilizing Lawson Stores

TOKYO, Oct, 30 2018 - (JCN Newswire) - MC Retail Energy Co., Ltd. has started retailing virtual power plant (VPP)(1) services for Lawson convenience stores in Japan. The model utilizes electricity demand forecasting and remote control systems for in-store electric equipment, and utilizes Artificial Intelligence (AI) to manage and control power usage. In other words, MC Retail Energy can control the use of power by electric equipment in multiple stores remotely and in a timely manner. As an electricity retailer, MC Retail Energy can use this capacity to control the balance between electricity demand and supply to return part of the benefits to customers and reduce electricity procurement cost.

From 2016, Lawson Co., Ltd. has been working on the "Virtual Power Plant Experimental Project Using Consumer's Energy Resources," an initiative subsidized by Japan's Ministry of Economy, Trade and Industry together with Keio Research Institute at SFC. Taking advantage of the knowledge gained through this project, Lawson is collaborating as Resource Aggregator(2) with MC Retail Energy as the retailer to establish this new VPP model, in which the electricity retailer and consumer work together to control electric equipment, in this case, at Lawson stores, remotely and in a timely manner. Lawson is aiming to introduce VPP system to stores nationwide as it seeks to optimize energy usage and build an energy adjustment infrastructure that can assist with retaining demand and supply balance in electric power and stabilizing the electric power system.

Taking into consideration the diffusion of renewable energy generation businesses, the movement towards distributed energy resources, and the digitalization of electric power systems, Mitsubishi Corporation (MC) is seeking to contribute to the realization of a low-carbon society by creating a new business model that can be successful in both domestic and overseas markets. Having entered the electricity retailing for households business through the launch of MC Retail Energy in 2016, the company has been working on optimizing energy efficiency and providing highly convenient service to customers.

Going forward, MC intends to continue developing this VPP business model while creating new businesses that apply AI/IoT and Big Data to electric power systems.

MC Retail Energy will also use the opportunity of this business with Lawson to start developing VPP systems for other commercial facilities, office buildings, as well as households, among other customers.

(1) Virtual Power Plant (VPP): Serves the function of a power generating station by controlling energy resources such as the facilities of different power consumers, power generating units directly connected to electric power systems, and accumulation equipment.
(2) Resource Aggregator: A business entity which controls and manages the distributed VPP resources owned by consumers (Lawson stores in this case).

About Mitsubishi Corporation
Mitsubishi Corporation, headquartered in Tokyo, is a global integrated business enterprise that develops and operates business across virtually every industry including industrial finance, energy, metals, machinery, chemicals, foods, and environmental business. Mitsubishi Corporation's current activities are expanding far beyond its traditional trading operations as its diverse business ranges from natural resources development to investment in retail business, infrastructure, financial products and manufacturing of industrial goods.

For more information on Mitsubishi Corporation, please visit the company's website at https://www.mitsubishicorp.com/jp/en/.

Mitsubishi Corporation
Source: Mitsubishi Corporation
Sectors: Energy

Copyright ©2019 JCN Newswire. All rights reserved. A division of Japan Corporate News Network.

Related Press Release

Mitsubishi Corporation: Production Underway at Cameron LNG
May 14 2019 19:01 JST
Mitsubishi Corporation Completes Sale of Interest in Gregory Crinum Coking Coal Mine in Australia
March 27 2019 16:55 JST
Mitsubishi: Utilizing Lawson's Existing "Reverse" Logistics Network Return Service of Rental Products and Online Purchases "SMARI"
March 25 2019 12:08 JST
Mitsubishi Corporation, Chubu Electric Power and HICL Infrastructure Consortium Named Preferred Bidder for Offshore Transmission Asset in the UK
March 18 2019 15:50 JST
Nishi Nippon Railroad and Mitsubishi Corporation to Commence Commercial AI-Controlled Bus Transit Services in Fukuoka, Japan
March 13 2019 16:14 JST
Mitsubishi Corporation: Gas4Sea Partners and Equinor Signed an LNG Bunkering Agreement
February 19 2019 14:31 JST
Mitsubishi Corporation to Invest in UK Energy Technology Company OVO Group
February 15 2019 09:59 JST
Mitsubishi Corporation's Financial Results for the Nine Months Ended December 2018
February 05 2019 13:23 JST
Mitsubishi Corporation and Kaneka to Set Up New Processed Oil Products Factory in Indonesia
January 08 2019 09:29 JST
Mitsubishi Corporation has Reached Agreement to Sell its Interests in the Clermont and Ulan Coal Mines in Australia
December 18 2018 17:49 JST
More Press release >>

Latest Press Release

More Latest Release >>