Hokuriku Electric Power Co., Hokkaido Electric Power Co. and Shikoku Electric Power Co. reported a combined net loss of ¥134 billion ($1 billion) for the 2022 fiscal year on Thursday, citing high fuel prices.

The trio are among seven utilities that requested increases in electricity rates from April and June to offset high input costs.

The government, seeking to address a historically high rate of inflation, delayed the requests and asked for a reassessment of costs.