On August 25, 2020, Osaka Gas (Headquarters: Osaka) announced that it will participate in the Three Rivers Natural Gas-Fired Power Plant Project, which is in development in Illinois, U.S., through its wholly-owned subsidiary. On August 21, 2020, Osaka Gas signed an agreement to acquire 15% of the equity of Three Rivers from a subsidiary of Competitive Power Ventures (CPV), an Independent Power Producer headquartered in Silver Spring, Maryland, U.S. The transaction amount has not been disclosed, but according to Japanese media it is estimated to be worth several billion Japanese yen.

The facility is a 1,250MW natural gas-fired combined-cycle power plant with about 61% generation efficiency. The plant is expected to begin commercial operations in May 2023 and will produce and sell electricity in the PJM wholesale market, located in the eastern U.S.

Based on its long-term management vision and medium-term plan, “Going Forward Beyond Borders 2030”, Osaka Gas’s parent company, Daigas Group, will continue to explore overseas energy business opportunities and create a strong position in the U.S. as a priority market.[1] [2]

[1] https://www.osakagas.co.jp/en/whatsnew/__icsFiles/afieldfile/2020/08/24/20200825.pdf

[2] https://www.osakagas.co.jp/company/press/pr2020/1289500_43661.html