Japan to Slap Record Antitrust Fine on Utilities, Nikkei ReportsNov 25, 2022 by Bloomberg
(Bloomberg) -- Japan’s Fair Trade Commission will issue a record-high fine on three utilities due to antitrust violations, the Nikkei reported on Friday.
Kyushu Electric Power Co., Chugoku Electric Power Co. and Chubu Electric Power Co. limited acquisition of power customers within another company’s region from 2018, which is against the nation’s competition laws, the Nikkei reported. Japan’s power market was fully liberalized in 2016, allowing for regional utilities to further expand into rival areas.
The fine will be in the tens of billions of yen, the paper said, which would be at least $71 million.
A spokesperson for Chubu Electric said the company is not aware of the accuracy of the Nikkei report. A spokesperson for Chugoku Electric said the company couldn’t comment. Kyushu Electric and the JFTC weren’t immediately available to comment.
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