Japan's Hokkaido Electric Power applies to raise prices by 35% from June

Hokkaido Electric Power

26/01/2023 06:34

TOKYO, Jan 26 (Reuters) - Hokkaido Electric Power
Company  9509.T  said on Thursday it has applied to the Japanese
industry ministry to increase power prices to households by
nearly 35% from June 1 due to high fuel procurement costs.
    The announcement is part of a broader trend that utilities
hit hard by rising imported fuel costs and the yen's slump
against the U.S. dollar are applying to raise prices. 
    Tokyo Electric Power Company Holdings (TEPCO)  9501.T  said
on Monday it would apply to raise prices by nearly 30% starting
in June, while five other major Japanese regional utilities have
already applied to raise prices between 28% and 46% from April. 
    It would also shutter Date Power Station unit 1 by the end
of November and unit 2 by March 2024 as the infrastructure has
deteriorated, the utility said.    
 (Reporting by Satoshi Sugiyama; Editing by Jacqueline Wong)
 ((Satoshi.Sugiyama@thomsonreuters.com;))