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    9502   JP3526600006

CHUBU ELECTRIC POWER CO., INC

(9502)
  Report
Delayed Japan Exchange  -  01:00:00 2023-02-01 am EST
1387.00 JPY   -0.79%
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Japan utilities fined at least $733 million for violating anti-trust laws -media

12/01/2022 | 04:53am EST
FILE PHOTO: Security personnel stands guard in front of an entrance gate of Kyushu Electric Power's Sendai nuclear power station in Satsumasendai, Japan

TOKYO (Reuters) - Japan's antitrust watchdog slapped three utilities with a record fine of more than 100 billion yen ($733 million) for violating anti-monopoly laws, local media said on Thursday, in a fresh blow to a sector already reeling from high input costs.

Among the three, Chugoku Electric Power Co was hit with the biggest fine, of more than 70 billion yen ($514 million), the Nikkei business daily said.

Chubu Electric Power Co was fined 27.5 billion yen, the Nikkei said, while Kyushu Electric Power Co said it had received notice for 2.7 billion yen.

In separate statements, all three confirmed they could be fined by the Fair Trade Commission. Chugoku did not disclose the amount, while Chubu Electric said it would incur a special loss of 27.5 billion yen ($201.52 million) in the third quarter, citing the penalty.

Regulators had investigated the companies for anti-competitive behaviour and concluded that they had formed a cartel and obstructed the liberalisation of the nation's electricity market, the Nikkei said.

Shares of Chugoku Electric sank 3.8%, Chubu Electric by 1.9% and Kyushu Electric by 2.2%, underperforming a near 1% rise in the benchmark Nikkei average.

Japanese utilities are suffering from rising input costs amid high global energy prices exacerbated by the yen's weakness and are seeking price hikes of as much as 30% to 50% in the coming months.

The Nikkei previously reported that Kansai Electric Power Co had also been part of the scheme but that it had probably avoided the penalty by reporting the matter to the antitrust regulator and taking advantage of a leniency policy. A Kansai Electric spokesperson had said it was fully cooperating with the regulator.

($1 = 136.1900 yen)

($1 = 136.3000 yen)

(Reporting by Mariko Katsumura; Editing by Shri Navaratnam & Simon Cameron-Moore)


ę Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
AUSTRALIAN DOLLAR / JAPANESE YEN (AUD/JPY) 0.32% 92.02 Delayed Quote.3.27%
BRITISH POUND / JAPANESE YEN (GBP/JPY) 0.16% 160.415 Delayed Quote.1.50%
CANADIAN DOLLAR / JAPANESE YEN (CAD/JPY) 0.00% 97.77 Delayed Quote.0.85%
CHUBU ELECTRIC POWER CO., INC -0.79% 1387 Delayed Quote.2.64%
EURO / JAPANESE YEN (EUR/JPY) 0.20% 141.581 Delayed Quote.0.57%
INDIAN RUPEE / JAPANESE YEN (INR/JPY) 0.20% 1.594057 Delayed Quote.0.39%
JAPANESE YEN / SWISS FRANC (JPY/CHF) -0.14% 0.7032 Delayed Quote.0.58%
KYUSHU ELECTRIC POWER COMPANY, INCORPORATED -5.22% 708 Delayed Quote.0.40%
NEW ZEALAND DOLLAR / JAPANESE YEN (NZD/JPY) 0.09% 83.822 Delayed Quote.1.21%
NIKKEI 225 -0.39% 27327.11 Real-time Quote.5.13%
THE CHUGOKU ELECTRIC POWER CO., INC. -5.05% 677 Delayed Quote.5.63%
THE KANSAI ELECTRIC POWER CO., INC. -2.40% 1218 Delayed Quote.-2.42%
US DOLLAR / JAPANESE YEN (USD/JPY) 0.07% 130.221 Delayed Quote.-0.97%
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Financials
Sales 2023 3 937 B 30 257 M 30 257 M
Net income 2023 -104 380 M -802 M -802 M
Net Debt 2023 - - -
P/E ratio 2023 -10,1x
Yield 2023 3,43%
Capitalization 1 057 B 8 124 M 8 124 M
Capi. / Sales 2023 0,27x
Capi. / Sales 2024 0,27x
Nbr of Employees 28 365
Free-Float 96,3%
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Mean consensus HOLD
Number of Analysts 6
Last Close Price 1 398,00 JPY
Average target price 1 375,00 JPY
Spread / Average Target -1,65%
EPS Revisions
Managers and Directors
Kingo Hayashi Senior Managing Executive Officer
Satoru Katsuno Director & Senior Managing Executive Officer
Kazuhiro Nabeta General Manager-Technology Development
Jin Mizutani Managing Executive Officer & Manager-Nagoya Branch
Takayuki Hashimoto Independent Outside Director
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