Tokyo Gas Co Ltd, a Japanese city gas distributor, announced on Friday that it will spend 2 trillion yen ($17.5 billion) on cleaner fuels including hydrogen and renewable energy by 2030, with the goal of tripling its profit to 200 billion yen.
Tokyo Gas expects to make a profit of 104 billion yen this fiscal year, including operating profit and profit from its shareholdings.
Renewable energy will receive around a quarter of the 2 trillion yen budget, while hydrogen generation and other clean fuels will receive 100 billion yen.
A total of 500 billion yen will be spent outside of Japan, notably on extending upstream development by its US shale gas unit and LNG infrastructure operations in Asia.
Last winter, Japan nearly avoided blackouts when LNG demand and prices rose during a cold spell. The situation this year may get even tighter as increased use and restocking in Europe and Asia limits supplies and keeps prices around record highs.