TOKYO, March 30 (Xinhua) — The Japanese antitrust watchdog on Thursday slapped a record-high nice on 4 power-related corporations for forming cartels over electrical energy gross sales to forestall competitors within the liberal energy market.
A complete of 101 billion yen (763 million U.S. {dollars}) in penalty might be collected from the 4 main energy suppliers, that are Chugoku Electric Power Co., Chubu Electric Power Co., Kyushu Electric Power Co., and Chubu Electric subsidiary Chubu Electric Power Miraiz Co., stated the Japan Fair Trade Commission.
It marked the best quantity nice ever imposed by the fee for a violation of the antimonopoly legislation.
The fee stated that the companies reached agreements to keep away from taking over new large-lot purchasers, together with large enterprises, exterior of their typical service areas, undermining the results of market liberalization.
Such limitations on buying new clients had been in power as of October and November 2018 at least and persevered till Kansai Electric stopped the apply in October 2020, in keeping with the fee.
Japan started liberalizing its vitality market in 2000 in an effort to interrupt the regional energy corporations’ long-standing monopoly and encourage competitors, which might assist decrease electrical energy costs.
In the identical yr, the market was opened to large-lot shoppers like industries and workplace buildings. In 2016, it was opened to households and different small-lot customers.