Financial Results and Dividend Forecast for FY03/2022
120
100
System Price (JPY/kWh)
20
Apr. 2016
Jul. 2016
Oct. 2016
Jan. 2017
10
60
2021/1/13
Daily avg. peak: 154.6 JPY/kWh
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Impact to the Electricity Retailing Business of a Surge in the Market Price of Electricity
A decrease in supply output from thermal power plants resulting from a decrease in LNG inventories, and
increased electricity demand due to a cold wave caused strain in the market for electric power supply and demand.
This led to a surge in JEPX (Japan Electric Power Exchange) purchase spot prices between Dec. 2020 and Jan.
2021, with a feedback loop between spot prices and imbalance fees leading to a surge in price.
A decrease in sell bidding in the spot market meant that electricity was sold out for sustained time periods, with a
large number of time intervals in which buyers and sellers could not be matched. This led to an imbalance fee (*) of
approximately 2 billion yen, greatly raising the cost of sales for the Electricity Retailing Business.
*
* Imbalance Fees: Adjustment fee arising from an excess or deficiency in electricity supply, resulting from an imbalance between
projected electricity retailer demand needs and actual demand.
180
10
160
160
140
Spot Market - Long-term System Price Trend
(2016/4/1 2021/3/24)
Average Daily Price (48 Intervals)
1,400,000,000
1,300,000,000
Spot Market Bidding / Execution Volume Trend
(2020/12/12021/03/24)
Sell Bidding (kWh)
Purchase Bidding (kWh) Execution Volume (kWh)
Jan. 2019
Apr. 2019
Jul. 2019
Oct. 2019
Jan. 2020
Apr. 2020
Jul. 2020
Oct. 2020
Jan. 2021
Unit: JPY/kWh
23
Bidding/Execution Volume (kWh)
700,000,000
600,000,000
2020/12/1
2020/12/3
2020/12/5
2020/12/7
1,200,000,000
1,100,000,000
1,000,000,000
900,000,000
000
2020/12/9
2020/12/11
2/13
2020/1415
2020/12/17
2020/12/19
2020/12/21
2020/12/23
2020/12/25
2020/12/27
2020/12/29
2020/12/31
2021/1/2
2021/1/4
2021/1/6
2021/1/8
2021/1/10
2021/1/12
2021/1/14
2021/1/16
2021/1/18
2021/1/20
2021/1/22
2021/1/24
M
2021/1/26
2021/1/28
2021/1/30
2021/2/1
2021/2/3
2021/2/5
2021/2/7
2021/2/9
2021/2/11
2021/2/13
2021/2/15
2021/2/17
2021/2/19
2021/2/21
*Source: Electricity and Gas Market Surveillance Commission
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2021/2/27
2021/3/1
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2021/3/5
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2021/3/9
2021/3/11
2021/3/13
2021/3/15
2021/3/17
2021/3/19
2021/3/21
2021/3/23
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