Most energy companies in Japan are planning to raise electricity rates by 30-40% in the next fiscal year that starts on April 1, Japanese media reported on Thursday
MOSCOW (Pakistan Point News / Sputnik - 26th January, 2023) Most energy companies in Japan are planning to raise electricity rates by 30-40% in the next fiscal year that starts on April 1, Japanese media reported on Thursday.
To date, seven out of 10 major electricity companies have applied to the Ministry of Economy, Trade and Industry for approval to raise tariffs for households, the Kyodo news agency said.
The majority of those electricity companies, five specifically, have requested price hikes in April, while two others plan for the changes to be implemented in June, according to the news agency.
In particular, Hokuriku Electric Power Company intends to raise its rates by 45.84%, Hokkaido Electric Power Company by 32.17% and Shikoku Electric Power Company by 28.08%, the report said.
By the end of 2022, Japan had been facing an increase in prices for 14 months in a row due to the Japanese Yen's record-low exchange rate. The situation significantly worsened after Western countries imposed sanctions on Russia over its special military operation in Ukraine. This led to an unprecedented growth in prices for energy resources, which Tokyo has to import in great quantities.
