Chubu Electric planning rate hike

Kyodo

Chubu Electric Power Co. is planning to raise electricity rates next April to offset growing costs caused by increased fossil fuel consumption to make up for suspended nuclear power generation, President Akihisa Mizuno said Tuesday.

The company will begin considering a specific rate hike, he told a news conference.

The utility said it won’t pay dividends for this business year, after paying ¥50 per share last year.

Power utilities have been raising electricity rates as fossil fuel costs have increased following the loss of nuclear energy after the 2011 Fukushima No. 1 nuclear power plant disaster.