Mitsubishi Heavy Industries Ltd. said Monday it has established a wholly owned company it will use to enter the wholesale electricity market next October.
MHI Yokohama Power Inc., which will be capitalized at 90 million yen, plans to sell electricity to independent power providers and earn revenues of 500 million yen in the business year starting in April 2003.
The new firm has two power-generating facilities with a combined capacity of 11,500 kilowatts at MHI's plant in Yokohama.
The new company will also provide power to the MHI plant, the company said.