New Construction market report from Business Monitor International: "Japan Infrastructure Report Q1 2013"
Boston, MA -- (SBWIRE) -- 01/22/2013 -- BMI View: Although reconstruction efforts following the March 2011 earthquake and tsunami have started, we believe that significant progress has yet to be made on a large portion of the project pipeline. As such, we believe that the reconstruction efforts could take place over a longer timeframe and have revised our real growth construction estimate for 2012 (from 3.9% to 3.8%) and 2013 (from 2.1% to 2.4%) accordingly. Over the long term, we believe there are still growth opportunities in the infrastructure sector and have reflected this in our forecasts, with infrastructure activity driving construction growth.
Key developments in the sector:
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- In September 2012, the Japanese government has announced that it plans to cease nuclear power production by 2040, reports The Irish Times. The goal drew intense opposition from business groups and communities whose economies depend on local nuclear power plants. The cabinet formally endorsed a vague promise to 'engage in debate with local governments and international society and to gain public understanding'.
- In September 2012, the Japanese government provided de facto approval to restart construction of two nuclear power plants in Aomori Prefecture and Shimane Prefecture. Electric Power Development (J-Power) is developing the Oma nuclear power plant, while the Shimane nuclear complex is owned by Chugoku Electric Power.
- In early-October 2012, the Japanese government announced that it is considering the removal of several ageing sections of Tokyo's elevated expressways and replacing them with underground tunnels. The project is estimated to cost around JPY4.3trn and would most likely need some form of private sector participation as the government has limited funds to support the project.
- In October 2012, Tokyo Gas announced that it was interested in joining with Tokyo Electric Power Company (TEPCO) to rebuild some of the utility's ageing thermal power plants. TEPCO plans to establish a special-purpose vehicle to jointly operate the 3600 megawatt (MW) Sodegaura gas-based power plant, allowing Tokyo Gas to invest in the plant's reconstruction.
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