Japan switched on its nuclear energy power plants. A major relief for the oil and gas industry that has seen prices tumble to 11-year lows was increased demand in Japan. Japan is about to reduce oil and gas imports for electricity production adding to the supply glut of the industry.
Following the Fukushima disaster of 2011, Japan’s nuclear industry came to a standstill and the island-nation compensated for the sudden shortfall in electricity production by importing massive quantities of fossil fuel. At the time, Japan relied on nuclear power for 30% of its electricity production, as opposed to less than 5% today. However, Japan is gradually switching on its nuclear reactors.
The Fukui District Court lifted an injunction that blocked the
reopening of two reactors operated by Kansai Electric Power in Takahama
city. Local advocacy groups issued an injunction trying to prevent the
opening of reactors they argued they could not withstand an earthquake.
The company will restart the reactors in January.
