The fear of blackouts is accompanying a major surge in wholesale electricity prices in Japan. Reuters reports that the benchmark price of power hit an all-time high today at 2.32 Yen/$2.24 per kWh. More data from the source Japan Electricity Power Exchange shows the major surge in price that surpasses past volatility by far. Wednesday’s average daytime price for electricity was somewhat lower at around $1.50 being charged per kWh between 8 a.m. and 10 p.m.
Cold weather in the country led to an increase in heating that providers were struggling to meet demand for. Utility companies have asked businesses and residents to conserve power where possible. The Electricity and Gas Surveillance Commission said it had found no improper trading behavior that could have caused prices to soar like they did.