5 major power firms to raise household rates

TOKYO (Jiji Press) — Five of the nation’s 10 major electricity suppliers said Wednesday that they will raise their household rates in June.

Amid soaring prices for liquefied natural gas and coal driven by Russia’s invasion of Ukraine, Tohoku Electric Power Co. newly saw its rates reach the ceiling set under the fuel price-linked electricity rate adjustment system.

Of the five companies planning price hikes, Hokkaido Electric Power Co. will raise prices by ¥85 from the previous month to ¥8,464 for a standard household.

Prices will rise by ¥60 to ¥8,565 at TEPCO Energy Partner Inc. and by ¥42 to ¥8,256 at Chubu Electric Power Miraiz Co.

The remaining five will keep their household rates unchanged because they had already reached their ceilings. Overall household rates will therefore remain at high levels.

All 10 suppliers will raise rates for corporate customers.

“It’s difficult to make forecasts, but electricity prices will likely continue rising as we don’t really see any factors that will possibly calm soaring resource prices,” an official at the Federation of Electric Power Companies of Japan said.