• Kyodo News

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The budding economic recovery is expected to receive a boost as the combined capital spending of 10 major electric power companies in fiscal 2010 is set to rise 13.1 percent from the previous year to ¥2.41 trillion, according to investment plans announced by the firms.

The steep spending increase reflects power suppliers’ need to step up construction of new electric generation plants and renew old facilities.

Of the 10 companies, seven plan to boost capital investment in fiscal 2010, which began Thursday, while the remaining three — Hokkaido Electric Power Co., Shikoku Electric Power Co. and Tohoku Electric Power Co. — will cut back on spending, according to data compiled by the Federation of Electric Power Companies of Japan.

Hokuriku Electric Power Co. is eyeing an 87.5 percent spending increase as it will purchase publicly owned thermal and wind power plants.

Okinawa Electric Power Co. and Chubu Electric Power Co. will build new thermal plants.

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