Convenience store chain Lawson Inc. and trading house Mitsubishi Corp. said Friday they plan to jump into the electricity market.
Lawson and Mitsubishi will accept applications for contracts from February, mainly in the Tokyo metropolitan area, with an aim to starting electricity sales to households in April, they said.
The two companies plan to advertise the service through some 4,000 Lawson outlets in the Kanto region, including Tokyo, and let customers accumulate points on Ponta reward cards issued by Lawson.
They aim to win several hundred thousand contracts by 2020.
Toward that end, the two companies have jointly established a new company, MC Retail Energy Co., in Tokyo, capitalized at ¥250 million. The firm is owned 84 percent by Mitsubishi and 16 percent by Lawson.
MC Retail Energy will procure electricity from Tokyo-based power retailer Diamond Power Corp., a joint venture between Mitsubishi and Chubu Electric Power Co.