Today I would like to comment on the 2004 Technology Development Plan.
As you know, the scope of liberalization measures was expanded as of this month, and will be expanded even further in April of next year. FEPC member companies have therefore redoubled their efforts to reduce costs and develop technologies that will be highly advantageous to their customers.
In addition to these efforts by individual member companies, we will continue to actively cooperate in industry-wide research relating to issues that affect the entire industry, and that require substantial investment and development time. These include measures of public significance such as the need to protect energy security and address global warming, as well as technology development to achieve electricity quality. With this in mind, we have today finalized our Technology Development Plan for 2004.
The main pillar of our efforts to address issues on a cooperative basis is "Technology Development for the Protection of Energy Security and the Preservation of the Global Environment." This includes technology for light-water reactors that will serve as a basic source of power, and reprocessing, interim storage, and other issues relating to the establishment of nuclear fuel cycle.
In addition, we will pursue development of coal-based Integrated Gasification Combined Cycle (IGCC) generating technologies that offer higher power-generating efficiency and lower environmental impact than existing technologies. We will also continue to develop highly efficient generating technologies such as Molten Carbonate Fuel Cell (MCFC) and Solid Oxide Fuel Cell (SOFC) technologies that can serve as a replacement for conventional thermal generation in the future.
Another pillar of our efforts is "Technology Development for the Achievement of Electricity Quality," which includes the development of technologies to support the growth of renewable energy sources and distributed power generation systems. Efforts in this area also include the development of high-speed response electric power equipment and applied superconducting technologies for compact, high-capacity systems.
As I mentioned earlier, the electric power industry is expected to become increasingly competitive, and the business environment more severe.
However, even in these difficult circumstances we will continue to strive to fulfill our public mission, and will actively work to develop the technologies needed to diversify our energy sources, and protect our national future and global environment.
In conclusion, I would like to mention that after a long hiatus, the United States has begun to move toward the construction of new nuclear power plants. I sincerely hope that this development by an energy leader such as the United States signals the emergence of a fair evaluation of nuclear power in Japan and the rest of the world.
To encourage this trend, we will continue to strive for safe, stable operation, and will renew our efforts to restore public trust in the industry.
