Japanese utilities Tokyo Electric Power Company Holdings (Tepco) and Chubu Electric Power Co. have signed a contract for merging their fossil fuel business under a joint venture (JV) company, JERA Co. Inc. The utilities had agreed on the integration in March 2017 and are expecting the costs to be reduced by $910 million a year within five years post the combining of their assets. The integration of assets would take place between April 2019 and September 2019.
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