Japan's electricity prices rise over 25% week-on-week as LNG and coal costs surge

According to Bloomberg, citing data from the Japan Electric Power Exchange, national electricity prices in Japan rose more than 25% on Monday from the previous week, reaching $0.19 (JPY 31.15) per kilowatt-hour. Spot LNG prices for December delivery in Northeast Asia averaged $29.30 per million British thermal units, the highest level since December 2022. Newcastle coal futures are up 30% from pre-war levels. Japan shifted to coal-fired power generation this summer due to high LNG prices, and some power plants are undergoing maintenance ahead of winter, further driving up electricity costs.