Shikoku Elec. Seeks Govt Approval for Rate Hikes

Economy

Tokyo, Nov. 28 (Jiji Press)--Shikoku Electric Power Co. <9507> on Monday filed for government approval for plans to raise its regulated electricity rates for households by an average of 28.08 pct next April.

The power supplier serving mainly the Shikoku western Japan region filed the application with the industry ministry, hoping to pass on to customers soaring fuel prices that stemmed from Russia's invasion of Ukraine and forced the company's earnings to deteriorate.

Shikoku Electric is the third Japanese power supplier to file such an application since the war in Ukraine started in February, after Tohoku Electric Power Co. <9506> and Chugoku Electric Power Co. <9504>.

If the application by Shikoku Electric is approved, its monthly electricity bill for a standard household consuming 260 kilowatt-hours would rise by 2,205 yen from the current level to 10,120 yen.

It would be Shikoku Electric's first regulated electricity rate hike since fiscal 2013, when the company was affected by the March 2011 major earthquake and tsunami that mainly hit northeastern Japan.

[Copyright The Jiji Press, Ltd.]

Jiji Press