Mitsubishi Power President Kawai Delivers New Year Message to Employees for 2021

YOKOHAMA, JAPAN (January 5, 2021) - Ken Kawai, President and CEO of Mitsubishi Power, a subsidiary of Mitsubishi Heavy Industries (MHI) Group, delivered an address to employees to mark the start of the new year. The following is a summary of the main points of his remarks.

“Last September, on changing our corporate name to Mitsubishi Power, Ltd., we issued a new Mission Statement proclaiming our role to be ‘creating a future that works for people and the planet by developing innovative power generation technology and solutions to enable the decarbonization of energy and deliver reliable power everywhere.’

The energy industry today is facing severe changes in its business environment. With global moves gathering momentum toward achieving carbon neutrality by 2050, constructions of new coal-fired power plants have decreased dramatically and competition in GTCC [gas turbine combined cycle] power plants has intensified. In the face of these adversities, Mitsubishi Power, working closely with other MHI Group companies that possess decarbonization technologies and ENERGY CLOUD_®, has set forth a roadmap for achieving the ‘energy transition’ - a changeover to environmentally harmonious energies - by providing solutions that simultaneously enable two goals: expanded adoption of renewable energies and economic viability.

This year we will undertake three core missions: to achieve solid progress in enhancing our competitive strength, to expand business and pursue a growth strategy focused on decarbonization, and to renew our commitment to safety awareness. High expectations are held of Mitsubishi Power because we account for roughly 30% of the business scale of MHI Group; and for us to achieve continuous growth will demand, above all, that we improve our profit structure. Only when all employees take these crucial demands to heart can we succeed in improving our productivity. The first step in MHI Group's energy transition strategy calls for reducing carbon dioxide emissions by decarbonizing thermal power generation, and toward this goal we will be taking initiatives targeting fuels that emit no carbon: hydrogen and ammonia, for example. Furthermore, in our quest to rebrand as an energy solutions company, we will pool our Companywide knowledge and resources to drive forward three pursuits: development of new technologies matching market needs, global expansion in line with local circumstances and the market environment of each country, and the creation of a business model that will enable us to transform solutions into profits.

To achieve the initiatives I have just described, this year I ask that all employees share an awareness of the issues needing to be addressed at all levels. As members of Mitsubishi Power Group, let us all strive together to make Mitsubishi Power a company that will always win, and deserve, the solid trust of society. On my part, I pledge to do everything possible to fulfill my leadership duties responsibly.

In closing, I wish you all a very healthy and rewarding year ahead.”