Japan's Hokkaido Electric Power applies to raise prices by 35% from June
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.
Our Standards: The Thomson Reuters Trust Principles.