Japan’s Power Prices Soar to 3.5-Year High

Japan’s day-ahead spot electricity prices surged on Wednesday to the highest level in three and a half years as soaring fuel costs, heat waves, and a weakening Japanese currency have combined to push power prices higher this summer.

Data from the Japan Electric Power Exchange showed that nationwide day-ahead spot price surged to $0.15 (24.78 Japanese yen) per kilowatt-hour (kWh) on Wednesday, Bloomberg reports.

The price has surged by 24% so far this week and hit on Wednesday the highest level since January 2023.

Weather forecasts point to…