Hokkaido Electric to Raise Household Power Rates

Sapporo, Dec. 22 (Jiji Press)--Hokkaido Electric Power Co. <9509> said Thursday that it plans to raise regulated electricity rates for household use due to soaring fuel prices and a weaker yen.

The company serving mainly the northernmost Japan prefecture of Hokkaido will apply for industry ministry approval of the plan as early as next month.

It will be the company's first increase in regulated household rates since November 2014, when it raised such rates by 15.33 pct on average. Hokkaido Electric is expected to raise rates by a greater margin this time.

The company will raise high-voltage electricity rates for corporate clients by 18-19 pct on April 1.

"We've made efforts to streamline operations, but failed to absorb abrupt price rises," Hokkaido Electric President Yutaka Fujii told a news conference.

[Copyright The Jiji Press, Ltd.]