Shizuoka Gas

What Shizuoka Gas does

Shizuoka Gas Co., Ltd. is a regional Japanese city gas utility founded in 1910 and listed on the Tokyo Stock Exchange Prime Market under ticker 9543. The company supplies 13A-specification natural gas (predominantly methane) to approximately 300,000 residential, commercial, and industrial customers across 10 municipalities along a 64km stretch of Pacific coastline in Shizuoka Prefecture. Core operations include LNG procurement and reception via the Shimizu LNG terminal, pipeline-based distribution to end users, electricity supply, and commercial/industrial energy solutions including cogeneration system deployment. A subsidiary stack handles equipment sales, engineering, transportation, system services, and power generation and trading through Shizuoka Gas & Power Co., Ltd. The company is one of 211 city gas distributors in Japan and operates as a regulated utility with tariffs linked to crude oil benchmarks and raw material costs.

Revenue is generated primarily through regulated city gas sales (subscription/usage-based with raw material cost pass-through) supplemented by electricity sales, equipment sales, LNG terminal fees, and energy trading. Go-to-market relies on direct sales via regional branches in Shizuoka, Fuji, and Numazu with field service staff handling connections, inspections, and meter restoration, alongside showrooms and cooking classes for residential engagement. In 2026 the company announced a strategic international expansion: a $100 million equity investment in MidOcean Energy (EIG) for integrated LNG value chain access across Australia, Canada, and Peru, a Tokyo Gas LNG supply agreement starting 2027, a 12-year Santos SPA from 2032, an MoU formalizing the MidOcean partnership, and the establishment of Shizuoka Gas Asia under a newly hired CIO to pursue Southeast Asian opportunities. These moves represent an attempted transition from a single-prefecture regulated utility toward a hybrid regulated-plus-international LNG business under the company's Vision 2030 strategy.

Name

Shizuoka Gas

Legal name

SHIZUOKA GAS CO., LTD.

Website

https://ir.shizuokagas.co.jp/

Company type

Public

Founded year

1910

Operating status

Operating

Headcount range

1,001–5,000 employees

Short description

Shizuoka Gas is a regulated Japanese city gas utility serving approximately 300,000 residential, commercial, and industrial customers across 10 municipalities in Shizuoka Prefecture, with growing international LNG ambitions via MidOcean Energy, Tokyo Gas, and Santos partnerships under its Vision 2030 strategy.

Ownership category

akta.pro rank

Product category

City Gas Distribution (Natural Gas Utility)

NAICS

Natural Gas Distribution (221210), Natural Gas Distribution (2212), Natural Gas Distribution (22121)

SIC

Natural Gas Distribution (4924)

akta.pro primary industry

Gas Supply, Aggregation & Contracting (Producers, Marketers, Tolling, GSA) (EUALALAD)

akta.pro secondary industries

Industrial CNG/LNG Supply & Distribution (Virtual Pipelines, Trucking, Satellite Storage) (EUALALAA), Industrial Fuel Switching & Conversion Services (Oil/Coal-to-Gas, Burner/Boiler Retrofits) (EUALALAJ), LNG Import/Export Terminals & Storage (Regas, Peak Shaving, Small-Scale LNG) (EUALAEAD)

Keywords

• City gas distribution
• Natural gas supply
• LNG terminal operations
• Residential gas utility
• Energy solutions

Headquarters

HQ city

Shizuoka-shi

HQ country

Japan

HQ region

Asia

Offices3 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Supply Chain, Infrastructure, Operations, Personnel, Technology or R&D

Revenue model

1. City Gas Sales: Core revenue from supplying city gas to approximately 300,000 residential, commercial, and industrial customers across 10 municipalities in Shizuoka Prefecture. Gas rates are set based on a gas rate adjustment system linked to raw material (LNG/LPG) prices and crude oil benchmarks.
2. LNG Trading and Supply: Long-term and spot LNG contracts including a seven-year term contract at 12% slope to Brent crude starting April 2027, a 12-year SPA with Santos commencing 2032 for 350,000-400,000 mt/year, and medium-term agreements with Tokyo Gas for 5 cargoes per year starting 2027.
3. LNG Business Investment: $100 million strategic investment in MidOcean Energy (EIG-managed LNG company) to access integrated LNG value chain spanning upstream gas development, liquefaction, sales, transportation, and trading across Australia, Canada, and Peru.

Go-to-market motion1 record

Distribution channels2 records

Marketing channels3 records

Core offering

Shizuoka Gas produces, imports, and distributes city gas (13A specification natural gas) to approximately 300,000 residential, commercial, and industrial customers across 10 municipalities in Shizuoka Prefecture, operating LNG receiving terminals and an extensive pipeline network. The company complements gas supply with electricity provision, industrial energy solutions (natural gas conversion consulting and cogeneration system adoption), and the sale, installation, and maintenance of gas appliances and equipment. Long-term LNG procurement contracts and a strategic investment in MidOcean Energy support upstream integration into the international LNG value chain.

Product overview

Shizuoka Gas is a regional energy utility providing city gas and electricity to residential and business customers across Shizuoka Prefecture and surrounding areas. The company operates a vertically integrated energy business including gas supply (approximately 300,000 customers), LNG receiving terminals, power generation, and energy trading. The product portfolio centers on City Gas Supply as the core product, complemented by Electricity Supply, Energy Solutions for commercial/industrial customers, and Gas Equipment services. The company has been expanding internationally through LNG business investments in partnership with MidOcean Energy (EIG) to secure upstream gas development and liquefaction assets in Australia, Canada, and Peru.

Differentiator

Problem solved

Functional benefit

Products and services

• City Gas Supply (Residential and Business) Supply of 13A specification natural gas to residential customers (approximately 300,000 across 10 municipalities in Shizuoka Prefecture) and to commercial/industrial customers, used for cooking, heating, hot water, and industrial processes.
• Electricity Supply Retail electricity supply for residential and business customers, complementing the natural gas offering.
• Energy Solutions for Commercial and Industrial Customers Comprehensive energy solutions for commercial and industrial customers, including consulting on conversion to natural gas and adoption of cogeneration systems to improve energy efficiency and reduce CO2.
• Gas Equipment and Facilities Sales, installation, and maintenance of gas appliances and equipment for residential and business use, sold through subsidiary Shizuoka Gas Living Co., Ltd.
• Shimizu LNG Receiving Terminal Operations LNG receiving terminal operations through subsidiary Shimizu LNG Co., Ltd., supporting the company's natural gas supply chain.
• Power Generation and Energy Trading Power generation and energy trading operations conducted through subsidiary Shizuoka Gas & Power Co., Ltd., complementing the gas business.

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature1 record

Partnerships

Three partnerships are on record, tiered core.

• Tokyo GascoreTechnology or Integration · 8 May 2026Medium- to long-term LNG supply agreement committing to deliver five LNG cargoes per year (each 60,000-70,000 tons) starting in 2027 on a delivered ex-ship basis. This is the first such agreement between the two companies and will make Tokyo Gas one of Shizuoka Gas's main suppliers.
• MidOcean Energy (EIG)coreStrategic or Co-development Partner · 26 March 2026Strategic partnership granting Shizuoka Gas access to MidOcean's integrated LNG value chain spanning upstream gas development, liquefaction, sales, transportation, and trading optimization. Project interests include Australia, Canada, and Peru. The partnership supports Shizuoka Gas's Vision 2030 goals for international natural gas and LNG business expansion.
• SantoscoreTechnology or IntegrationBinding 12-year Sales and Purchase Agreement (SPA) commencing in 2032 for 350,000-400,000 mt/year of LNG on delivered ex-ship terms. This contract replaces multiple expiring contracts including Malaysia LNG Dua (2026), JERA (2027), Prelude FLNG (2027), and North West Shelf (2028).

Scale indicators5 records

Recent moves6 records

Expansion highlights5 records

Broad incumbents

• JERA: JERA is a major Japanese LNG procurement and power generation joint venture between TEPCO and Chubu Electric, and is one of Shizuoka Gas's LNG suppliers (with a contract expiring in 2027). Broad incumbent operating at much larger scale with overlapping LNG procurement and power generation activities, but not a retail city gas distributor.
• INPEX: INPEX is Japan's largest exploration and production company with major LNG operations including the Ichthys project in Australia. Broad incumbent operating upstream in the LNG value chain that Shizuoka Gas is now seeking to enter via the MidOcean Energy investment; comparable as a Japanese-headquartered LNG industry player.

Direct peers

• Toho Gas: Toho Gas is a major Japanese city gas utility serving the Aichi/Mikawa region with approximately 2.3 million customers. Closely comparable in business model: licensed city gas franchise, LNG procurement, power generation, and a focus on industrial and residential customers in a single prefecture.
• Okinawa Gas: Okinawa Gas is a regional Japanese city gas utility serving the Okinawa prefecture. Comparable as another licensed regional Japanese gas distributor, though smaller in scale; relevant for benchmarking the economics of small-utility operations.
• Saibu Gas: Saibu Gas is a regional Japanese city gas utility serving the Kyushu region (primarily Fukuoka and surrounding prefectures) with natural gas and LNG operations. Directly comparable as another licensed regional city gas distributor with a similar scale of customer base and LNG supply strategy.
• Hiroshima Gas: Hiroshima Gas is a regional city gas utility serving the Hiroshima area with natural gas distribution and related energy services. Directly comparable as another licensed regional Japanese gas distributor operating under the same regulatory framework with similar customer scale and service offerings.
• Osaka Gas: Osaka Gas is the second-largest Japanese city gas utility, serving the Kansai region with natural gas distribution, LNG, power and international energy businesses. Highly comparable business model including regulated residential gas franchise, LNG procurement and an international LNG investment platform.
• Hokkaido Gas: Hokkaido Gas is a regional city gas distributor serving Sapporo and surrounding areas in Hokkaido with natural gas, electricity and LNG operations. Directly comparable as another licensed regional Japanese gas utility of similar size with overlapping business lines including city gas distribution and LNG.
• Tokyo Gas: Tokyo Gas is Japan's largest city gas utility, serving the Tokyo metropolitan area with natural gas, LNG trading and power generation. It is a directly comparable peer as both companies operate licensed city gas distribution franchises, procure LNG, and have announced medium-term supply agreements (Tokyo Gas is itself supplying Shizuoka Gas).
• Nippon Gas (Nichigas): Nippon Gas is one of Japan's largest city gas distributors by customer count, serving multiple regions through licensed franchises. Comparable as a city gas distributor operating across multiple regional franchises (similar to Shizuoka Gas's subsidiary roll-up strategy) with a focus on both residential and industrial customers.

Market position

Strengths5 records

Weaknesses4 records

Competitive moat5 records

Key risks5 records

Key highlights7 records

Customer concentration

• Xx.com/shizuokagas_pr

Revenue estimate

Valuation estimate

Number of profiles

Profiles16 records

Subsidiaries17 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments4 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Shizuoka Gas