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Tokyo Electric Power Co. is planning to launch a Web site jointly with two other major power companies to procure parts and materials from suppliers, Tepco officials said Thursday.

As power firms often use common materials, the joint market will help reduce procurement costs, the officials said.

Tepco, Kansai Electric Power Co. and Chubu Electric Power Co. will set up a joint company later this year to run the site.

The trio will call on steelmakers, heavy machinery manufacturers and other firms with big plants to participate in the scheme, the officials said.

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