Fuel costs soar, electricity prices in Tokyo and central regions hit multi-year highs

1. Due to persistently high fuel costs, Japan's spot electricity prices surged significantly over the weekend, with major power-consuming regions Tokyo and Chubu both reaching multi-year highs. Data from the Japan Electric Power Exchange shows that on Sunday, spot electricity prices in Tokyo and Chubu regions rose by 1.1% and 7.2% respectively compared to the previous day, reaching 36.11 yen (approximately $0.2) and 36.29 yen per kilowatt-hour, the highest since September 2022. 2. During the same period, the national average electricity price in Japan fell by 8.7% that day to 30.09 yen per kilowatt-hour. 3. Traders revealed that spot liquefied natural gas prices continued to rise on Friday, reaching about $34 per million British thermal units, more than triple the pre-war level. The Strait of Hormuz, as a key global export route, still has liquefied natural gas transport volumes at less than one-third of the level before the outbreak of the conflict.