Chugoku Elec. Seeks Govt Approval to Raise Household Rates

Economy

Tokyo, Nov. 25 (Jiji Press)--Japan's Chugoku Electric Power Co. <9504> on Friday applied for government approval to raise regulated electricity rates for households by an average of 31.33 pct next April.

The company, which mainly serves the Chugoku western region, submitted the application to the industry ministry in a bid to prevent deterioration in its financial base caused by surging fuel prices from affecting its electricity supply.

Chugoku Electric became the second Japanese company to file such an application since Russia began invading Ukraine in February, pushing up fuel prices. Its only predecessor is Tohoku Electric Power Co. <9506>.

After the rate hike, Chugoku Electric's monthly electricity bill for a standard household consuming 260 kilowatt-hours would rise by 2,399 yen from the current level to 10,428 yen.

It would be the first full-scale household rate increase by Chugoku Electric since 1980, when oil prices were boosted by the second oil crisis.

[Copyright The Jiji Press, Ltd.]

Jiji Press