Diversification Strategies of Electric Utilities : Comparative Study between TEPCO and RWE

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  • 電気事業の経営多角化戦略 : 東京電力と西独RWE社との比較を中心にして
  • デンキ ジギョウ ノ ケイエイ タカクカ センリャク トウキョウ デンリョク ト セイドク RWEシャ トノ ヒカク オ チュウシン ニ シテ

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In this paper, we wil examine several reasons why electric utilities have been diversifying their business recently. For this purpose, we will analyze the diversification strategies of TEPCO (Japan) and RWE (West Germany), comparing the strategies and financial performance between them. 　The diversification strategy of TEPCO since 1985 has been to develop the infrastructure such as telecommunications and a total energy (cogeneration) system for the redevelopment of urban areas. 　On the contrary, RWE's strategy has been to restructure the business in such sectors as machines, petroleum and chemical products, in order to cope with the decline of electricity demand. 　In terms of financial performance, RWE is doing much better than TEPCO, because of a lower debt ratio and a lower electricity price. 　The diversification ratio of RWE will b e more than 50% next year, but the ratio of TEPCO will reach about 50% at the beginning of 21st century.

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