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Japan to overhaul renewable energy system in bid to lower prices

New competitive auction system aimed at reducing burden on consumers

Wind turbines and solar panels are seen along the coast of Miyagi. Japan's existing feed-in-tariff scheme has kept renewable energy expensive. (Photo by Akira Kodaka)

TOKYO -- Japan's Ministry of Economy, Trade and Industry will scrap a system in which solar and wind energy from major power companies is purchased at a predetermined price.

Increasing purchasing fees have translated into a greater burden for consumers, so the ministry will introduce a competitive bidding system as soon as 2020 in an effort to keep costs down.

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