Tokyo Electric halves planned rate hike

Tokyo Electric Power Co plans to cut by half its electricity rate hike for January-March next year at the request of the government, informed sources say.

The company now plans an increase of 410 yen in monthly electricity bills at an average household, instead of 820 yen as earlier envisioned.

The government has asked the largest Japanese power supplier to scale down the rate hike in light of the economy's slowdown and a recent drop in fuel prices.

In order to make up for the loss of revenue, the company intends to mark up rates in April or later, the sources said.

Under Japanese law, the company is allowed to lift the standard monthly rate by 820 yen next January when fuel price rises in July-September are factored in.

© JCN