Japan Power Firm Jera Told to Improve Biz over Manipulation

Tokyo, Nov. 13 (Jiji Press)--The Electricity and Gas Market Surveillance Commission has told Jera Co., the largest power generation company in Japan, to improve its business operations for alleged market manipulation.

Jera, a joint venture between the Tokyo Electric Power Company Holdings Inc. group and Chubu Electric Power Co., raised wholesale prices of electricity by reducing its output when it was actually able to provide electricity to the wholesale market, the commission under the industry ministry said Tuesday.

Japanese regulations require large power generation companies to supply all surplus electricity to the market.

According to the commission, Jera failed to provide part of its surplus electricity between April 2019 and October 2023. As a result, the transaction price per kilowatt-hour is believed to have been raised by 50 yen or over in November 2021.

This is the second business improvement advisory issued by the commission due to market manipulation.

[Copyright The Jiji Press, Ltd.]