Japan's Tohoku Elec buys emissions rights with coal
Date: 02-Nov-01
Country: JAPAN
The two Australian companies are Powercoal and Centennial Coal Co Ltd , the company said.
A company spokesman said this was the first agreement of its kind to be made in Japan.
The parties are working on finalising details such as the volume and price of the deal, he said.
"The companies have each offered to supply us with 300,000 tonnes of coal a year...but the final decision has not been made," he said.
Details would be worked out before the start of the sales contract which is April next year.
At a United Nations climate conference in December 1997, Japan pledged to cut emissions of six greenhouse gases, including CO2, by six percent by the 2008-2012 period from 1990 levels.
In Japan, about 90 percent of CO2 emissions derive from energy consumption.
Tohoku Electric, Japan's fifth largest power utility in terms of revenue from power sales, services the northern part of Japan.
Its shares closed at 2,135 yen, down 0.93 percent, or 20 yen.
