The economy industry plans to reduce increases in household electricity bills given the recent decline in fuel import prices, people familiar with the matter have said.
Seven utilities have applied for the ministry’s approval to hike regulated household electricity rates by 28% to 45%, citing surging fuel costs on the back of Russia’s invasion of Ukraine and the yen’s sharp depreciation.
Tohoku Electric Power, Hokuriku Electric Power, Chugoku Electric Power, Shikoku Electric Power and Okinawa Electric Power hope to raise rates from April and Tokyo Electric Power Company Holdings Inc. and Hokkaido Electric Power in June.
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