Okinawa Electric Power Co., Inc.

Japan's 10 major power utilities announced on the 29th their electricity rates for October usage, billed in November, with all companies raising prices from the previous month and the monthly bill for a standard household set to hit a record high. The main cause is the end of government subsidies that had cut rates by 3.50 yen per kilowatt-hour, or roughly 800 to 900 yen a month, while energy prices remain elevated amid turmoil in the Middle East, pushing the increase for a standard household to a wide range of 835 to 1,578 yen. Because part of November falls within the applicable period, the increase also reflects a revision to transmission fees, the charge for using power lines, that took effect on November 1. The largest increase is Okinawa Electric Power's 1,578 yen, and the company's monthly bill of 10,752 yen will also be the highest. Tokyo Electric Power's bill will rise by 1,286 yen to 9,561 yen.

A total of eight companies—the transmission and distribution arms of seven major utilities including Tokyo Electric Power and Tohoku Electric Power, plus Okinawa Electric Power—have applied to the Ministry of Economy, Trade and Industry for an increase in wheeling charges. The move comes as costs are expected to exceed projections due to rising prices and higher interest rates, with the new rates targeted to take effect from November. If approved following government review, the new charges will be set, likely leading to higher electricity bills.