TOKYO : Several Japanese power utilities will miss out on rate hikes they asked to start on April 1 after the government delayed the approval process of their requests, leaving them with potential revenue shortfalls amid higher energy prices. Japan's government is taking time to approve the requests from
TOKYO : Several Japanese power utilities will miss out on rate hikes they asked to start on April 1 after the government delayed the approval process of their requests, leaving them with potential revenue shortfalls amid higher energy prices.
But Prime Minister Fumio Kishida ordered the industry ministry on Feb. 24 to conduct"rigorous" checks of the applications so the ministry asked the utilities this month to reassess their costs based on more recent data, such as energy prices and foreign exchange rate. Delays in price hikes are not expected to cause disruptions in power supply, according to Toshinori Ito, president of Ito Research & Advisory which specializes in energy markets.
Japan's average import price of liquefied natural gas in January was up 56 per cent from a year earlier while thermal coal, mainly used for power generation, has spiked by 131 per cent from the start of 2022 to 49,045 yen per tonne, finance ministry data shows. TEPCO, Chugoku Electric, Tohoku Electric and Okinawa Electric all said that the price hike request was under review, declining to comment on a possible impact on its finances from the delay.
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