Kansai Electric to start surveys for new nuclear power reactor in Mihama
The decision marks Japan's first concrete step towards building a new nuclear reactor since the Great East Japan Earthquake in 2011 triggered a meltdown at Tokyo Electric Power's <9501.T> Fukushima plant, leading it to be shut down.
Japan remains heavily dependent on fossil fuel imports, and the government wants nuclear power to contribute more to the country's energy security. Kansai Electric is currently Japan's biggest nuclear operator based on the number of reactors online.
The surveys would focus on topography, geology and other studies and would include communications with local residents, the company said.
"Given overall cost performance, plant operation, and compliance with new regulations, we consider the SRZ-1200 advanced light water reactor the most realistic option," Hiroaki Kitaura, a chief manager of Kansai's nuclear power division, told a briefing.
Mitsubishi Heavy Industries (7011.T), opens new tab is working with four utilities, including Kansai Electric and Hokkaido Electric Power (9509.T), opens new tab, on the basic design of the reactor type.
Kansai Electric provided no construction cost estimate, but Kitaura said funds will be raised through bonds, loans, and other means as appropriate, adding that no equity issuance was currently being planned.
The company had been analysing a successor to the Mihama No.1 reactor since November 2010, but suspended the study after the 2011 disaster. In 2015, it decided to decommission the No.1 and No.2 reactors at Mihama.
"With a significant loss of nuclear power supply expected, it is necessary to rebuild with next-generation reactors, based on the premise of ensuring safety and gaining local understanding, to secure decarbonised power sources," Japan's Economy, Trade and Industry Minister Yoji Muto said on Tuesday.
Japan currently operates over a dozen reactors, with a combined capacity of around 12 gigawatts. Many are undergoing relicencing to meet stricter safety standards implemented after the Fukushima disaster. Before 2011, Japan operated 54 reactors.
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