TEPCO to Seek Govt Approval for Household Rate Hike

Economy

Tokyo, Jan. 20 (Jiji Press)--Tokyo Electric Power Company Holdings Inc. <9501> plans to apply as early as next week for government approval to raise its regulated electricity rates for households, it was learned Friday.

The plan reflects a decline in earnings at the power supplier due to surges in prices for liquefied natural gas and other fuels for power generation, against the backdrop of the Russian invasion of Ukraine.

It would be the first time since 2012 for TEPCO to seek approval for a regulated household rate hike.

If the planned application is approved, TEPCO is expected to raise the rates by around 30 pct in or after June, affecting over half of TEPCO's customer households.

Hokkaido Electric Power Co. <9509> also plans to seek government approval soon.

[Copyright The Jiji Press, Ltd.]

Jiji Press