Bill for the Act for Partial Revision of the Electricity Business Act and Other Related acts (Outline) March, 2015

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1 Bill for the Act for Partial Revision of the Electricity Business Act and Other Related acts (Outline) March, 2015

2 Overview 1

3 The contents of the bill The bill which was decided by the cabinet and submitted to the Diet on March 3, 2015 includes 1) the 3rd step of Electricity Market Reform, 2) Gas Market Reform, 3) Heat Supply Market Reform and 4) establishment of new regulatory authority. The purposes of the bill are 1) expanding energy choices for consumers, 2) suppressing the prices to the maximum extent possible, 3) removing existing barriers from energy market and 4) creating dynamic innovation. Electricity (3 rd step of the Electricity Market Reform) The bill includes the partial revision of the Electricity Business Act for the 3rd step of the electricity market reform, which implements legal unbundling of transmission/distribution sectors in 2020, and abolishment of retail tariff regulation after reviewing the competition situations. (Note) The partial revisions of the Electricity Business Act for the 1st and 2nd steps have already been enacted in 2013 and 2014, respectively. Gas The bill includes the partial revision of the Gas Business Act for the gas market reform, which implements full retail competition in 2017, and legal unbundling of pipeline service sector in Heat Supply The bill includes the partial revision of the Heat Supply Business Act for the heat supply market reform, which implements abolishment of tariff regulation on heat suppliers in Regulatory Authority New regulatory authority for monitoring new liberalized markets will be established in

4 Energy Market Reform in Japan: Roadmap [Electricity] Requiring businesses to receive authorization for cross area wheeling service provisions before entering full retail choice Acts for these steps have already been enacted 1st Step (Establishment of the Organization for Cross regional Coordination of Transmission Operators (OCCTO)) 2nd step (Full retail choice) 3rd step (legal unbundling of the transmission and distribution sectors) [Gas] Requiring businesses to receive authorization for cross area wheeling service provisions before entering full retail competition Full retail competition Legal unbundling of the gas pipeline service sector (three major companies) [Heat supply] Liberalization of the heat supply service sector [Regulatory Authority] Establishment of a new regulatory authority (launching electricityrelated services) Adding gas and heat related services to its tasks 3

5 Electricity (3 rd step of the Electricity Market Reform) 4

6 Ensuring neutrality of the transmission/distribution sector (1) (Date of Enforcement: April 1, 2020) Electricity Unbundle the transmission/distribution sectors of big EPCOs by legal unbundling style in 2020 Holding company style Affiliated company style <Note> Big EPCOs will be required to unbundle transmission and distribution companies from generation ones or retail ones, in legal unbundling. Both the holding company style and the affiliated company style, in which a generation and retail company has a transmission and distribution company as a subsidiary company,are allowed. The regulation of subsidiary business will not be imposed on Okinawa Electric Power Company. General transmission/distribution businesses will be allowed to generate electricity intended exclusively for general transmission/distribution business for the purpose of supplying electricity to consumers on isolated islands, providing last resort services to consumers, etc. 5

7 Ensuring neutrality of the transmission/distribution sector (2) (Date of Enforcement: April 1, 2020) Impose a code of conduct to transmission/distribution businesses, so that they do not prevent competition in the liberalized sectors by giving preferential treatments to their group companies Electricity Contents of code of conduct 1. Measures for ensuring neutrality on personnel issues 2. Measures for ensuring neutrality on outsourcing 3. Measures related to business trading, including financial transactions 4. Measures related to branding, including corporate name and publicity 5. Measures related to development of organizational frameworks for compliance with a code of conduct 6

8 Abolishing the retail tariff regulation/ Verification process Abolishing retail tariff regulation Electricity Maintain the retail tariff regulation for preventing monopolization without regulation as a transitional arrangement. Big EPCOs should provide the regulated retail tariffs, but they are also allowed to supply electricity at free market price during transitional period. The incumbents obligation Regulated tariffs Verification End of transitional arrangement optional New entrants Free market price Abolished the retail tariff regulation for each EPCO on or after April 1, 2020, after confirming the progress of competitive situations of the electricity market. Verification process Verify the status of law enforcement, implementation of the Strategic Energy Plan (April 11, 2014) and the supply demand balance of electricity at each steps (i.e. before enforcement of the 2nd bill, before and within 5 years after enforcement of the 3rd bill) Implement necessary measures depending on the results of the verification from the view points of competition and stable supply of electricity. 7

9 Gas 8

10 Full liberalization of the gas retail market (Date of Enforcement: within two years and six months after the enactment of the bill) 1. Expand retail competition to the residential sector in 2017, opening a new market 2. Revise business license categories under the Gas Business Act in line with the full retail competition : Gas manufacturing such as LNG terminals (notification), general gas pipeline services (permission), specified gas pipeline services (notification), and retailers (registration) 3. Ensure third party access to LNG terminals Gas 9

11 Developing gas pipeline networks (Date of Enforcement: within two years and six months after the enactment of the bill) Gas 1. Maintain regional monopolies and regulated tariffs for general gas pipeline service businesses, so as to ensure the construction and maintenance of gas pipelines 2. Formulate a mechanism which the government may execute orders and rulings against negotiations on connection of pipelines among gas companies 3. Establish a mechanism to recover the cost of regional gas pipelines through regulated tariffs of neighboring pipeline companies 10

12 Ensuring consumer protection and Securing safety (Date of Enforcement: within two years and six months after the enactment of the bill) Gas Ensuring consumer protection 1. Maintain the regulated retail tariffs in the areas where competition among businesses is insufficient, as a transitional arrangement 2. Providing last resort services to consumers by general gas pipeline service businesses 3. Requiring for gas retail service businesses to secure the capability of supplying gas, and to explain contract conditions to consumers Securing safety Clarify responsibilities for gas safety among gas license holders 1.Require pipeline service businesses to secure the safety of pipeline networks 2.Require gas retail service businesses to investigate gas appliances 11

13 Ensuring neutrality of the gas pipeline service sector/ Verification process Legal unbundling (Date of Enforcement : April 1, 2022) 1. Unbundle the gas pipeline service sector of three major companies by legal unbundling style in Impose a code of conduct to gas pipeline service business which is unbundled, which includes measures for ensuring neutrality on personnel issues, outsourcing and business trading. Gas Verification process Verify the status of law enforcement, implementation of the Strategic Energy Plan (April 11, 2014), and the supply demand balance of gas, and Implement necessary measures depending on the results of the verification Place responsibility for ensuring LNG procurement and gas safety on the government 12

14 Heat supply 13

15 Liberalization of Heat Supply Business (Date of enforcement: within one year and six months after the enactment of the bill) 1. Liberalization Change the market entrance regulation to a registration from a permission Abolish tariff regulation and supply obligation on heat suppliers 2.Measures for consumer protection Obligate heat suppliers to take measures for consumer protection, such as explaining contract conditions to consumers and securing the capability of heat supply. Maintain the regulated tariff in the areas where consumers have difficulty in choosing other heat sources, as a transitional arrangement Heat supply Heat source (Supplying heat) Facilities for making cold water by electricity, gas, etc. cooling Facilities for making hot steam /water by electricity, gas, etc. heating etc. Heat pipeline Cold water Hot Steam/water water after using heat The targets of the Heat Supply Business Act Supplying more than two buildings Facilities with large scale water after using heat Utilizing heat Cooling by using cold water Heating by using hot steam /water 76suppliers (137 sites) are operating as to April <Examples> Roppongi hills area Tokyo sky tree area Shinagawa Yashio danchi Minato mirai 21 central area Electricity City gas Heat supply Share of the area 100% 5.8% 0.01% Consumers (Note1) 84.66Million 29.35Million 0.036Million Business scale (Yen) (Note2) 1,815.6Billion (=$ 15.1bn, 13.4bn) 19.3Billion (=$ 0.2bn, 0.1bn) 1Billion (=$ 8.3M, 7.4M) Employee (Note2) 12, (Note1) Share of areas in Japan (Note2) per one supply area 14

16 Establishment of New Regulatory authority 15

17 Establishment of New regulatory authority (Date of enforcement: within six months after the enactment of the bill) Regulatory authority Establishing the surveillance commission for electricity and gas, as a new regulatory authority with independence and high level expertise Appropriate monitoring in the liberalized electricity, gas and heat markets as well as compliance with a code of conducts for network sectors Minister of Economy, Trade and Industry Surveillance commission for electricity and gas* Agency for Natural Resources and Energy (ANRE) Commission (Consists of five members who have knowledge of laws, economy, finance, energy engineering, etc.) Secretary <Functions> Market monitoring in the liberalized sectors Monitoring compliance status with a code of conduct for network sectors etc. <Functions> Energy policy (Energy mix, renewables, nuclear, natural resources, etc.) Securing the stable supply of energy including electricity, gas and heat etc. surveillance OCCTO * The English name of the commission is subject to change. 16

18 Reference 17

19 Electricity Market Reform in Japan: Roadmap April 2, 2013, Cabinet decided the Policy on Electricity System Reform to realize three objectives in Japan s market with a three step approach. 3 Objectives (1) Securing a stable supply of electricity (2) Suppressing electricity rates to the maximum extent possible (3) Expanding choices for consumers and business opportunities (1 st Bill) 2013 (2 nd Bill) 2014 (3 rd Bill) st Step nd Step rd Step 2020 Apr. 2, 2013 Cabinet Decision 1 st reform 2 nd reform 3 rd reform Cabinet Decision on the Policy on Electricity System Reform Nov. 13, 2013 The 1 st Bill Jun. 11, 2014 The 2 nd Bill The 3 rd Bill: submitted to the Diet Establishment of the Organization for Crossregional Coordination of Transmission Operators (OCCTO) Full retail competition ( At around 2015:Transition to new regulatory organizations) Period of transitional arrangement for retail tariff (Review the competition situation by the government) Abolishment of retail tariff (At the same time as or after the unbundling) Legal unbundling of transmission /distribution sector 18

20 1 st step: Establish the OCCTO Establish the Organization for Cross regional Coordination of Transmission Operators (OCCTO) in 2015 Main functions of OCCTO 1. Aggregate and analyze the EPCO s supply demand plans and grid plans, and order to change EPCO s plans such as tie lines construction 2. Order EPCOs to reinforce generations and power interchanges under a tight supply demand situation The 1 st Bill Kyushu 5.57GW JEPX Generation TDSO Retail Frequency in West: 60Hz 16.66GW 2.4GW OCCTO (Power Exchange) (Coordination of TDSOs ) Chugoku Generation TDSO Retail Generation TDSO Retail 5.57GW Kansai Generation TDSO Retail DC Tie line 1.4GW Shikoku 5.57GW Chubu * DC direct current, FC frequency conversion, TDSO Transmission and Distribution System Operator Hokuriku Generation BTB Generation TDSO Retail TDSO Retail 0.3GW Frequency in East: 50Hz Hokkaido Generation TDSO Retail DC Tie line 0.6GW Tohoku Generation TDSO Retail 12.62GW Tokyo (TEPCO) Generation TDSO Retail FC 1.2GW 19

21 2 nd step: Full Retail Competition The 2 nd Bill Expand retail competition to the residential sector in 2016, opening a new market Maintain regulated tariffs to 10 big EPCOs until the same time as or after the unbundling Liberalized Sector (50kW~) Market Volume ; 10.1 trillion (=$ 84.2bn, 74.8bn) Share of total power supply : 62% Large factory Large building Building Medium factory Small Factory Regulated Sector (~50kW) Market Volume ; 8.1 trillion (=$ 67.5bn, 60.0bn) Number of contracts Residential Customers : 77.3m Small shops and offices: 7.3m Share of total power supply : 38% Small shop Residential Customer 20

22 Revision of Business License Categories The 2 nd Bill Business License categories under the Electricity Business Act, such as General Electricity Utilities (GEU) and Wholesale Electricity Utilities, will be revised in line with the full retail choice. Current categories New categories (after 2016) GEU (10EPCOs) Supply for customers, including those in regulated sector with obligation to supply, regional monopoly and rate regulation Secure stable frequency and voltage Generation Obtain 3 licenses (not necessary to change corporate organization) Transmission & Distribution Retail PPS (Power Producer and Supplier) Supply for customers in liberalized sector (more than 50kW) Generation Retail Wholesale Electricity Utilities, etc Supply for GEU Generation Notification Permission Registration Regulation based on the level playing field of competition Operate and maintain transmission /distribution lines Regional monopoly and rate regulation Supply for customers Obligation to secure the capacity of power supply Regulation based on the level playing field of competition 21

23 Ensuring electricity security in Japan s EMR project 1. Regulation for T/D companies to secure frequencies and to maintain investment on the grid 2. Obligation for all retailers to secure adequate capacity <2016> Ensure procurement of enough quantity in the electricity market 3. Auction for the long run generation capacity by OCCTO <2016> Prepare for the possible shortage of long run capacity as a safety net for the electricity market 4. Further discussion on capacity mechanism (capacity market etc.) Enhance the incentive to establish and maintain generation plant 22

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