Japan’s trade watchdog is likely to impose a record amount of fines on several major utilities after finding they formed a cartel and obstructed the liberalization of the country’s electricity market, sources close to the matter have said.
The companies including Chugoku Electric Power Co., Kyushu Electric Power Co. and Chubu Electric Power Co. will be ordered to pay surcharges totaling tens of billions of yen for violating the antimonopoly law, possibly the highest amount ever imposed by the Japan Fair Trade Commission, the sources said Friday.
Related: Japanese Underpriced IPOs Could Cause Antitrust Concerns
The utilities allegedly agreed for several years to refrain from acquiring new corporate customers outside their traditional service areas, according to the sources.
Japan started opening up its electricity market in 2000 in a bid to end the decadeslong monopoly of regional power companies and help lower electricity bills by promoting competition.
The market was liberalized for large-lot customers such as factories and office buildings the same year, and for households and other small-lot consumers in 2016.
Featured News
T-Mobile’s Acquisition of Ka’ena Corporation Receives FCC Approval
Apr 26, 2024 by
CPI
UK Regulator Announces Two New Senior Executive Appointments
Apr 26, 2024 by
CPI
Paramount Global and Skydance Media Near Merger Deal, Eyeing CEO Change
Apr 26, 2024 by
CPI
BHP Unveils £31bn Mining Megamerger Proposal with Anglo American
Apr 25, 2024 by
nhoch@pymnts.com
ByteDance Prefers Shutdown Over Sale of TikTok Amid US Ban Threats
Apr 25, 2024 by
CPI
Antitrust Mix by CPI
Antitrust Chronicle® – Economics of Criminal Antitrust
Apr 19, 2024 by
CPI
Navigating Economic Expert Work in Criminal Antitrust Litigation
Apr 19, 2024 by
CPI
The Increased Importance of Economics in Cartel Cases
Apr 19, 2024 by
CPI
A Law and Economics Analysis of the Antitrust Treatment of Physician Collective Price Agreements
Apr 19, 2024 by
CPI
Information Exchange In Criminal Antitrust Cases: How Economic Testimony Can Tip The Scales
Apr 19, 2024 by
CPI