Ministry of Economy,
Trade and Industry

Monitoring report of voluntary efforts andcompetitive status
July to September 2023 period(Tentative translation)

Tuesday, December 26, 2023

(Reference materials are omitted)

1July to September 2023 period

Major indicators○ The major indicators for this period are as follows.
ReferenceContents of this report

July to September 2023

The same period last year
(July to September 2022)

FY2022(April 2022-March 2023)

FY2021(April 2021 - March 2022)

38.7％

39.9％

40.1％

39.9％

Sell volume compared to the same
period last year

1.0×

0.9×

1.0×

1.0×

Buy volume compared to the same
period last year

1.0×

0.9×

0.9×

1.1×

83.8 billion kWh85.2 billion kWh

318.5 billion kWh

327.2 billion kWh

1.0×

0.9×

1.0×

1.0×

Average contracted price(system price)11.7 yen/kWh

24.8 yen/kWh

20.4 yen/kWh13.5 yen/kWh

Occurrence rate of market splitting
between the east and west market

22.2%

31.0%

34.9%

32.1%

Contracted volume

1.57 billion kWh

1.51 billion kWh4.94 billion kWh

4.18 billion kWh

Average contracted price13.2 yen/kWh28.4 yen/kWh

22.9 yen/kWh14.5 yen/kWh

Contracted volume

0kWh

3 million kWh

17 million kWh

47 million kWh

Supply to outside the group10.80 billion kWh

14.02 billion kWh

56.43 billion kWh

51.71 billion kWh

220.9 billion kWh *2

217.2 billion kWh *2

805.4 billion kWh

832.1 billion kWh37.8 billion kWh

43.8 billion kWh

154.6 billion kWh

178.6 billion kWh

0.9×

0.9×

0.9×

1.2×

17.2% (as of September)

19.5% (as of September)――

Bidding

Percentage to electricity sales *3

IntradaymarketContract

ForwardmarketContract

JEPX
marketContracted volume

Contract

DayAheadmarket

OTC transactions(Reference) *1Electricit
y sales

New entrants

RetailmarketContracted volume compared to thesame period last year

Electricity sales
Electricity sales compared to thesame period last year
Share of new entrants*1 Source: Electricity Trading Report*2 In the Electricity Trading Report, to avoid an excessive burden on businesses when tabulating data, the electricity sales volume and the sales amount recorded from the N-1 meterreading date to the day before the N-month meter reading date were allowed to be recognized as N-month data. Since most companies report their performance up to the meterreading date, it does not match the actual performance for N-month demand.
*3 The percentage of electricity sales indicates the average value for the relevant period.

2

Electricity market monitoring report[Quarterly report]◆ Wholesale electricity market● JEPX market- Day-Ahead market- Intraday market- Forward transaction market◆ Voluntary efforts by general electric utilities, etc.
● Supply of surplus electricity to JEPX market● Trading status and sell bid withdrawal status in the intraday market● Status of gross bidding● Status of block sell bidding● Supply of power source to the market for wholesale electricity utilities● Status of bidding, etc. for public hydroelectricity business● Status of OTC transactions[Medium- to long-term trend report]◆ Wholesale electricity market● JEPX market
Trends in contracted volume
Trends in contracted price
Trends in the market splitting occurrence rate
● JEPX spot price and fuel cost
◆ Retail market● Trends in new entrants share by area
● Market share by area
● Trends in electricity unit price● Trends in switching◆ Gas market● Status of OTC transactions of general gas utilities● Usage status of Start-up wholesale measure

3

July to September 2023
July
periodto September 2023 period

Bidding volume in the day-ahead market〇 During this period, the bidding volume in the day-ahead market was 109.8 billion kWh for sell volume and 101.9 billion
kWh for buy volume.
〇 Compared to the same period last year, the sell volume was 1.0 times higher, and the buy volume was 1.0 times higher.
Day-Ahead market: Trends in bidding volume(July 1, 2022 to September 30, 2023)
Sell volume

The same
period last year

Buy volume

Sell volume(7-day moving average)

Buy volume(7-day moving average)

Main data

This period
Sell volume

Bidding volume (10,000 kWh/day)(July to September 2023)
109.8 billion kWh

Sell volume compared to the same period last year
(vs. July to September 2022)
1.0×

Buy volume(July to September 2023)
101.9 billion kWh

Buy volume compared to the same period last year
(vs. July to September 2022)
1.0×

4

July to September 2023
periodSell volume in the day-ahead market by business operator category〇 The sell volume in the day-ahead market during this period was 57 billion kWh for general electric utilities (excluding
general electricity transmission and distribution utilities), 38.3 billion kWh for new entrants and other business
operators, and 14.5 billion kWh for general electricity transmission and distribution utilities.
〇 Compared to the same period last year, the increase was 1.0 times for general electric utilities, 1.0 times for new
entrants and other business operators, and 1.3 times for general electricity transmission and distribution utilities.
Main data

Day-Ahead market: Trends in sell volume

Sell volume by general electric utilities (excluding generalelectricity transmission and distribution utilities)(July 1, 2022 to September 30, 2023)
General electric utilities (excluding generalelectricity transmission and distribution utilities)
General electric utilities (excluding general electricity
transmission and distribution utilities) (7-day moving
average)

The same period
last year

New entrants and others
New entrants and others(7-day moving average)

General electricity(July to September 2023)
transmission and distribution
57 billion kWh
General electricity transmission
and distribution
Comparison of sell volume by general electric utilities(7-day moving average)

This period(excluding general electricity transmission and distribution
utilities) for the same period last year
(vs. July to September 2022)

Bidding volume (10,000/kWh/day)

1.0×Sell volume by new entrants and other business operators(July 2023 to September 2023)

38.3 billion kWh
Comparison of sell volume by new entrants and otherbusiness operators for the same period last year
(vs. July to September 2022)
1.0×
Sell volume by general electricity transmission anddistribution utilities(July 2023 to September 2023)
14.5 billion kWh
Comparison of sell volume by general electricity
transmission and distribution utilities for the same period
last year(vs. July 2023 to September 2023)
1.3×
*
*
*

A new sell volume graph by general electricity transmission and distribution utilities was added for the sell volume by general electric utilities, excluding their FIT sell volume.
General electric utilities include Hokkaido Electric Power, Tohoku Electric Power, TEPCO Energy Partner, TEPCO Renewable Power, Chubu Electric Power Miraiz, Hokuriku Electric Power, Kansai Electric Power, Chugoku ElectricPower, Shikoku Electric Power, Kyushu Electric Power, and JERA.
General electricity transmission and distribution utilities include Hokkaido Electric Power Network, Tohoku Electric Power Network, TEPCO Power Grid, Chubu Electric Power Grid, Hokuriku Electric Power Transmission and Distribution,
Kansai Electric Power Transmission and Distribution, Chugoku Electric Power Network, Shikoku Electric Power Transmission and Distribution, and Kyushu Electric Power Transmission and Distribution.

5

July to September 2023
periodBuy volume in the day-ahead market by business operator category〇 The buy volume in the day-ahead market during this period was 57.8 billion kWh for general electric utilities (excluding
LR buy bidding), 42.8 billion kWh for new entrants and other business operators, and LR buy bid volume by generalelectricity transmission and distribution utilities was 1.3 billion kWh.
〇 Compared to the same period last year, the increase was 0.9 times for general electric utilities (excluding LR buy
bidding) and 1.1 times for new entrants and other business operators.
Main data

Day-Ahead market: Trends in buy volume(July 1, 2022 to September 30, 2023)
General electric utilities (excluding LR buy bidding)LR buy bidding
New entrants and others (7-day moving average)

Bidding volume (10,000/kWh/day)

The same period
last year

New entrants and others
General electric utilities(excluding LR buy bidding) (7-day moving average)
LR buy bidding (7-day moving average)

Buy volume by general electric utilities (excluding
LR buy bidding)(July 2023 to September 2023)
57.8 billion kWh

This period
Comparison of buy volume by general electricutilities for the same period last year (excluding LR
buy bidding)(vs. July to September 2022)

0.9×
Buy volume by new entrants and other business
operators(July 2023 to September 2023)

42.8 billion kWh
Comparison of buy volume by new entrants andother business operators for the same period lastyear
(vs. July to September 2022)
1.1×
LR buy volume by general electricity transmission
and distribution utilities(July 2023 to September 2023)
1.3 billion kWh**

General electric utilities include Hokkaido Electric Power, Tohoku Electric Power, TEPCO Energy Partner, TEPCO Renewable Power, Chubu Electric Power Miraiz, Hokuriku Electric Power, Kansai Electric Power, Chugoku ElectricPower, Shikoku Electric Power, Kyushu Electric Power, JERA, and general electricity transmission and distribution utilities.
General electricity transmission and distribution utilities include Hokkaido Electric Power Network, Tohoku Electric Power Network, TEPCO Power Grid, Chubu Electric Power Grid, Hokuriku Electric Power Transmission and Distribution,
Kansai Electric Power Transmission and Distribution, Chugoku Electric Power Network, Shikoku Electric Power Transmission and Distribution, and Kyushu Electric Power Transmission and Distribution.

6

July to September 2023
July
periodto September 2023 period

Contracted volume in the day-ahead market〇 The contracted volume in day-ahead market during this period was 83.8 billion kWh.
〇 Compared to the same period last year, it was 1.0 times higher.

Day-Ahead market: Trends in contracted volume(July 1, 2022 to September 30, 2023)
Contracted
volumeContracted volume (10,000/kWh/day)

The same
period last year

Contracted volume(7-day moving average)

This period

Main data
Contracted volume(July to September 2023)
83.8 billion kWh
Comparison of contracted volume for thesame period last year
(vs. July to September 2022)
1.0×

7

July to September 2023
periodContracted sell volume in the Day-Ahead market by business operator category〇 The contracted sell volume in the day-ahead market during this period was 35.3 billion kWh for general electric utilities(excluding general electricity transmission and distribution utilities), 34 billion kWh for new entrants and other business
operators, and 14.5 billion kWh for general electricity transmission and distribution utilities.
〇 Compared to the same period last year, the increase was 1.0 times for general electric utilities, 0.9 times for new
entrants and other business operators, and 1.3 times for general power transmission and distribution utilities.

Day-Ahead market: Trends in contracted sell volume(July 1, 2022 to September 30, 2023)
General electricity
General electric utilities (excluding generalelectricity transmission and distribution utilities)
General electric utilities (excluding general electricity
transmission and distribution utilities) (7-day moving
average)

The same period
last year

New entrants and others
New entrants and others (7-day moving
average)

Main data
Contracted sell volume by general electric utilities (excluding

general electricity transmission and distribution utilities)
transmission and(July 2023 to September 2023)
distribution
General electricity
35.3 billion kWhtransmission and distribution(7-day moving average) Comparison of contracted sell volume by general electric utilities

This period(excluding general electricity transmission and distribution utilities)
for the same period last year
(vs. July to September 2022)

Contracted volume (10,000/kWh/day)

1.0×Contracted sell volume by new entrants and other business
operators(July 2023 to September 2023)
34 billion kWh
Comparison of contracted sell volume by new entrants and otherbusiness operators for the same period last year
(vs. July to September 2022)
0.9×
Contracted sell volume by general electricity transmission anddistribution utilities(July 2023 to September 2023)
14.5 billion kWh
Comparison of contracted sell volume by general electricity
transmission and distribution utilities for the same period last year
(vs. July to September 2022)
*
*
*

1.3×
A new contracted sell volume graph by general power transmission and distribution utilities was added for the contracted sell volume by general electric utilities, excluding their FIT contracted sell volume.
General electric utilities include Hokkaido Electric Power, Tohoku Electric Power, TEPCO Energy Partner, TEPCO Renewable Power , Chubu Electric Power Miraiz, Hokuriku Electric Power, Kansai Electric Power, Chugoku Electric Power,
Shikoku Electric Power, Kyushu Electric Power, and JERA.
General electricity transmission and distribution utilities include Hokkaido Electric Power Network, Tohoku Electric Power Network, TEPCO Power Grid, Chubu Electric Power Grid, Hokuriku Electric Power Transmission and Distribution,
Kansai Electric Power Transmission and Distribution, Chugoku Electric Power Network, Shikoku Electric Power Transmission and Distribution, and Kyushu Electric Power Transmission and Distribution.

8

July to September 2023
periodContracted buy volume in the day-ahead market by business operator category〇 The contracted buy volume in the day-ahead market during this period was 46.8 billion kWh for general electric utilities (excluding LR buy
bidding), 36.2 billion kWh for new entrants and other business operators, and LR contracted buy volume by general electricity transmission
and distribution utilities was 800 million kWh.
〇 Compared to the same period last year, the increase was 0.9 times for general electric utilities (excluding LR buy bidding) and 1.1 times for
new entrants and other business operators.
〇 The contracted buy volume by the general electric utilities exceeds the contracted sell volume. Until two periods ago, the contracted sellvolume from new entrants and other business operators exceeded the contracted buy volume, but as in the previous period, thecontracted buy volume from new entrants and other business operators has exceeded the contracted sell volume this period as well.
Main data

Day-Ahead market: Trends in contracted buy volume(July 1, 2022 to September 30, 2023)

General electric utilities (excluding LR buy
bidding)
General electric utilities (excluding LR buy bidding) (7day moving average)

The same
period last year

New entrants and others

LR buy bidding

New entrants and others (7-day moving
average)LR buy bidding (7-day moving
average)Buy volume by general electric utilities (excluding LR buy
bidding)(July 2023 to September 2023)
46.8 billion kWh

This period
Comparison of buy volume by general electric utilities forthe same period last year (excluding LR buy bidding)(vs. July to September 2022)

Bidding volume (yen/kWh/day)

0.9×
Buy volume by new entrants and other business
operators(July 2023 to September 2023)
36.2 billion kWh

Comparison of buy volume by new entrants and otherbusiness operators for the same period last year
(vs. July to September 2022)
1.1×

LR buy volume by general electricity transmission anddistribution utilities(July 2023 to September 2023)
0.8 billion kWh**

General electric utilities include Hokkaido Electric Power, Tohoku Electric Power, TEPCO Energy Partner, TEPCO Renewable Power, Chubu Electric Power Miraiz, Hokuriku Electric Power, Kansai Electric Power, Chugoku ElectricPower, Shikoku Electric Power, Kyushu Electric Power, JERA, and general electricity transmission and distribution utilities.
General electricity transmission and distribution utilities include Hokkaido Electric Power Network, Tohoku Electric Power Network, TEPCO Power Grid, Chubu Electric Power Grid, Hokuriku Electric Power Transmission and Distribution,
Kansai Electric Power Transmission and Distribution, Chugoku Electric Power Network, Shikoku Electric Power Transmission and Distribution, and Kyushu Electric Power Transmission and Distribution.

9

System price in day-ahead market

July to September 2023
period〇 The average system price in the day-ahead market during this period was 11.7 yen/kWh.
〇 It decreased by 13.1 yen compared to the average of 24.8 yen/kWh for the same period last year. (LNG spot pricedecreased from an average of $47.0/MMBtu during the same period last year to an average of $12.6/MMBtu during
this period.)
Day-Ahead market: Trends in system priceThis period(July 1, 2022 to September 30, 2023)
System price (yen/kWh)

System price (yen/kWh)

The same
period last year

System price (7-day moving average)

This period

July
2023

August2023

Septemb
er 2023

October
2023

Main data
Unit: yen/kWh

This period

The same period
last year

Difference

Average system price

11.7

24.8

-13.1

Highest value

52.9

100.0

-47.1

Lowest value

0.01

0.01

+0.0

*1 Maximum price for this period: 1 day, 1 frame in total*2 Lowest price for this period: 3 days, 40 frames in total

10

Area price in day-ahead market

July to September 2023
period〇 The area prices in the day-ahead market during this period were lower than those in each area for thesame period last year.

Day-Ahead market: Trends in area price(July 1, 2022 to September 30, 2023)
Hokkaido (7-day average)

Tohoku (7-day average)

Tokyo (7-day average)

Chubu (7-day average)

Hokuriku (7-day average)

Kansai (7-day average)

Chugoku (7-day average)

Shikoku (7-day average)

Kyushu (7-day average)

System price (7-day average)

Area price (yen/kWh)

The same period
last year

Average price within the period

This period

Unit: yen/kWh

This period

The same
period last
year

System price

11.7

24.8

-13.1

Hokkaido

12.6

26.8

-14.2

Tohoku

12.3

26.5

-14.2

Tokyo

13.3

30.2

-16.9

Chubu

12.6

26.0

-13.4

Hokuriku

10.9

24.0

-13.1

Kansai

10.8

24.0

-13.2

Chugoku

10.6

23.0

-12.4

Shikoku

10.1

22.6

-12.6

Kyushu

9.7

12.8

-3.1

Difference

11July to September 2023
periodTrends in imbalance unit fee and area price〇 Comparing trends in the imbalance unit fee and area price in each area (monthly averages), a discrepancy canbe seen in July and August. In particular, the imbalance unit fees in the Hokkaido and Hokuriku to Kyushu areas
exceeded the area price by more than 1.5 yen.
〇 The maximum difference between the two areas was 1.59 yen, the minimum was 0.00 yen, and the average was
0.74 yen.
Trends in average area price(yen/kWh)

Hokkaido

Tohoku

Tokyo

Chubu

July

(yen/kWh)

Hokkaido

Hokuriku

AugustKansai

Chugoku

Shikoku(yen/kWh)

Hokkaido

KyushuTrends in the average imbalance unit fee

Tohoku

Tokyo

July

September

Chubu

Hokuriku

AugustKansai

Chugoku

Shikoku

KyushuSeptember

Imbalance average unit fee: Trends in average area price (unit: yen/kWh)Tohoku

Tokyo

Chubu

July

Hokuriku

AugustKansai

Chugoku

Shikoku

KyushuSeptember

Source: Prepared by the Executive Bureau of the Electricity and Gas Market Surveillance Commission based on the final values of the imbalance amount (as of November 13, 2023) published on the Imbalance Prices Calculation Service
site.
* The structure of the imbalance fee system was changed on April 1, 2022.

12

(Reference) Imbalance calculation method (from April 2022)○ The overall picture of the imbalance fee system and its calculation method is shown in the figure below.
Imbalance fee system from FY2022 onwards
Marginal kWh price of the balancing
power (Normal imbalance fee)

Merit order of power supply operating costs

Incorporate into the merit order whencountermeasures are activated.

kWh pricePower
generation plan

Balancing power
operating amount

System based on the kWhprice of the balancing power

Marginal
kWh price

Countermeasures

Whicheveris higher

Imbalance fee

Weighted average value ofthe marginal kWh price ofthe balancing power for the
first 15 minutes and thesecond 15 minutes within a
30-minute frame

If each condition is met, it will beprioritized over the normal priceand compensation imbalance fee
for a tight supply-demand balance.

Introduced a mechanism in which imbalance fees
increase when supply and demand is tight(compensation imbalance fees).
Measures:(1) Give grid users incentives to help balance supply and demand across thegrid.
(2) By reflecting the kWh price of the balancing power in the imbalance fee,
general electricity transmission and distribution utilities can recover the
supply-demand balancing cost.

Power supply I'
Power usage limit

Imbalance fee to compensate
for tight supply-demand balance

Planned power
outagekWh price
kWh price of thePower supply I'
100 yen/kWh
Upper limit price ofcompensation
imbalance fee

If an individual power plant operates, the price will be calculated basedon the correction index, assuming there are no such individual plants.
*The same applies when the Power supply I' operates for a long time.

When solar/wind power output curtailment (grid surplus)
When Power supply III is suppressed (grid surplus)
Blackout occurrence - Network recovery

InstructedvolumeBalancing power instructed inwide area operations
14 yenImbalance fee (marginal kWh price of the balancing power)
The imbalance fee for that period is the weighted average of the marginal
kWh prices for the first 15 minutes and the second 15 minutes by thebalancing power instructed volume.

12.4 yen

10 yen8 yen○ Concept of imbalance fee to compensate for tight supply-demand balance

For two years from fiscal 2022 to 2023,
200 yen/kWh will be applied as atemporary measure.

8 yenFirst half 15 minutes Second half 15 minutes
Maximum: 10 yen Minimum: 14 yen
Total amount: 80 MWh
Total amount: 120 MWh

As a cost to secure an
additional 1 kWh of supply
capacity in an emergency, as a
price sufficient to secure 1 kWhof new supply capacity
unavailable on the market, the600
price required to secureyen/kWh
additional DR.

* From FY2023, wide-area operations will be in 5-minute increments,
and the price will be calculated as a weighted average of 5 minutes
x 6 frames.

Imbalance fee○ Calculation method of marginal kWh price of the balancing power

As the remaining power supply capacity
decreases, the probability that
insufficient imbalance will generate
additional costs increases.

Determined based on the kWh45
price of the secured Generator I'. yen/kWh
Correction price calculation index(Remaining power supply capacity thatcan be utilized by power transmission
and distribution utilities)
Determined based on
Determined based on the level at which the
Determined based on the timing to
the level at whichgovernment issues a tight supply-demandPower supply I' can be start activating Power supply I'.
warning.
operated with certainty.

13

Day-Ahead market splitting status between areas

July to September 2023
period〇 The market splitting occurrence rate remains high for the Chubu-Hokuriku interconnection line and the Chubu-Kansai interconnection line,
exceeding 50% on average during this period.

〇 Compared to the same period last year, the rates of the Hokkaido-Honshu interconnection line, Tokyo-Chubu interconnection line (FC), andChugoku-Kyushu interconnection line were decreased; in particular, Chugoku-Kyushu interconnection line decreased significantly.
Chubu-Hokuriku interconnection line

Monthly splitting occurrence rate forinterconnection lines between each area

April

May

June

July

AugustSeptember

Average forthis period(same period last year)
Hokuriku-Kansai interconnection line
April

May

June

July

AugustHokkaido-Honshu interconnection line
September

April

Average forthis period

June

July

AugustAverage forthis period

September

Tohoku-Tokyo interconnection line

Kansai-Chugoku interconnection line
May

June

(same period last year)(same period last year)

April

May

July

AugustSeptember

April

Average forthis period

May

June

July

AugustAverage forthis period

September(same period last year)(same period last year)

Chugoku-Shikoku interconnection line
April

May

June

July

AugustSeptemberTokyo-Chubu interconnection line (FC)
April

Average forthis period(same period last year)

May

June

June

July

AugustAverage forthis period

September(same period last year)

Kansai-Shikoku
interconnection line

Chugoku-Kyushu interconnection line
April

May

July

AugustSeptember

Average forthis period

April

May

June

July

AugustSeptember

Chubu-Kansai interconnection line
Average forthis period

April

May

June

July

AugustSeptember

Average forthis period(same period last year)(same period last year)
The numbers (percentages) in the table show the market splitting in each interconnection line (ratio of the number of products in which market splitting occurred out of the number of products handled eachmonth (48 frames per 30 minutes/day x number of days)).
Occurrences of market splitting include those caused by interconnection line work.
(same period last year)

*
*

14

Contracted volume in the intraday market

July to September 2023
period〇 Contracted volume in the intraday market during this period was 1.57 billion kWh.
〇 Compared to the same period last year, it was 1.0 times higher.

Intraday market: Trends in contracted volume(July 1, 2022 to September 30, 2023)
Contracted volume

Contracted volume(10,000 kwh/day)

The same
period last year

Contracted volume (7-day moving average)

This
This period
periodMain data

Contracted volume(July to September 2023)
1.57 billion kWh
Comparison of contracted volume forthe same period last year
(vs. July to September 2022)
1.0×

15

July to September 2023
periodIntraday market contracted sell volume by business operator category○ During this period, the intraday market contracted sell volume was 630 million kWh for general electric utilities and 940
million kWh for new electric power and other business operators.
○ Compared to the same period last year, the increase was 0.8 times for general electric utilities and 1.3 times for new
entrants and other business operators.

Intraday market: Trends in contracted sell volume(July 1, 2022 to September 30, 2023)
General electric utilities

The same period
last year

New entrants
and others

General electric utilities(7-day moving average)

Main data
New entrants and others(7-day moving average)

This
This period
periodContracted sell volume by general electricutilities(July to September 2023)

Contracted volume(10,000 kwh/day)

630 million kWh
Comparison of contracted sell volume by
general electric utilities for the same period
last year(vs. July to September 2022)

0.8×
Contracted sell volume by new entrants andother business operators(July to September 2023)
940 million kWh
Comparison of contracted sell volume by
new entrants and other business operators
for the same period last year
(vs. July to September 2022)
1.3×*

General electric utilities include Hokkaido Electric Power, Tohoku Electric Power, TEPCO Energy Partner, TEPCO Renewable Power, Chubu Electric Power Miraiz, Hokuriku Electric Power,
Kansai Electric Power, Chugoku Electric Power, Shikoku Electric Power, Kyushu Electric Power, and JERA.

16

July to September 2023
periodIntraday market contracted buy volume by business operator category○ During this period, the intraday market contracted buy volume was 1.22 billion kWh for general electric utilities and 350
million kWh for new electric power and other business operators.
○ Compared to the same period last year, the increase was 1.2 times for general electric utilities and 0.7 times for new
entrants and other business operators.
○ The contracted buy volume by general electric utilities exceeds the contracted sell volume, and the contracted sellvolume by the new entrants and other business operators exceeds the contracted buy volume.
Intraday market: Trends in contracted buy volume

Main data(July 1, 2022 to September 30, 2023)

Contracted buy volume by generalelectric utilities

General electric utilities

New entrants andothersGeneral electric utilities(7-day moving average)

New entrants and others(7-day moving average)(July to September 2023)

Contracted volume(10,000 kwh/day)

The same
period last year

This period

12.2 billion kWh
Comparison of contracted buy volume
by general electric utilities for the same
period last year
(vs. July to September 2022)
1.2 ×
Contracted buy volume by new entrants
and other business operators(July to September 2023)
3.5 billion kWh
Comparison of contracted buy volume
by new entrants and other business
operators for the same period last year
(vs. July to September 2022)

0.7 ×
*

General electric utilities include Hokkaido Electric Power, Tohoku Electric Power, TEPCO Energy Partner, TEPCO Renewable Power, Chubu Electric Power Miraiz, Hokuriku Electric Power,
Kansai Electric Power, Chugoku Electric Power, Shikoku Electric Power, Kyushu Electric Power, and JERA.

17

Average contracted price in the intraday market

July to September 2023
period○ The average contracted price in the intraday market during this period was 13.2 yen/kWh. This was a
53.5% decrease compared to the average of 28.4 yen/kWh for the same period last year.
○ The average contracted price in the intraday market during this period exceeded the average systemprice by 1.5 yen/kWh.

Intraday market: Trends in the average contracted price(July 1, 2022 to September 30, 2023)
Average contracted price(yen/kwh)

The same period
last year

Average contracted price(7-day moving average)

Spot> price
System(7-day moving average)

This period
July 2023

August 2023

September
2023

Price difference (Average intraday market price - system price)
Average contracted price(yen/kwh)

Maximum difference (positive): +19.74 yen/kWh (02:00, August 15)
Maximum difference (negative): - 10.92 yen/kWh (17:00, September 20)

Main data
Unit: yen/kWh
This period

The same
period lastyear

Difference

Intraday market
Average contracted price

13.2

28.4

-15.2

(Reference) Day-Ahead market
Average system price

11.7

24.8

-13.1

Highest value

50.2

141.2

-91.0

Lowest value

0.44

0.08

＋0.36

Highest value: September 20, 2 frames in total
Lowest value: July 2, one frame in total

18

July to September 2023
periodOverview of contracted volume and bidding volume in the forward market transactions○ There were no contract performances in the forward market during this period.
○ Furthermore, the electricity futures contract performance during this period was 238,711 MWh for
TOCOM and 3,789,684 MWh for EEX.
Contracted volume/bidding volume during the period *1
Total(this quarter)

Item

Area

Contracted
volumeTotal
Tokyo
Kansai

Sell bid

Total
Tokyo
KansaiBuy bid

Total
Tokyo
Kansai

Daytime:WeeklyDaytime:Monthly(Unit: MWh)24-hour:
Weekly24-hour:Monthly

24-hour:Yearly(Reference) Total(Same quarter of theprevious year)(Reference) Comparison of contracted volume between the futures market *2 (TOCOM, EEX) and base load market（TOCOM）
Item
Contracted
volume(Base load market *3)
Area

Total
(this quarter)

Base load

Daytime road

(Reference) Total(Same quarter of theprevious year)

ContractedvolumeProducts

Total
Short-term
products

Tokyo
KansaiContracted
volume

（EEX）
Item

Item

Long-term
products

Area
Total
Tokyo
Kansai

Total(this quarter)

Base load

Peak load(Reference) Total(Same quarter of theprevious year)

Area

Total
(this quarter)(Reference) Total(Same quarter of theprevious year)

Total
Tokyo
KansaiKyushuTotal
Tokyo
KansaiKyushu* 1. In the forward market, the contracted volume of each product is converted into kWh (24-hour products,
total number of days including holidays × 24 hours; daytime products, number of days excluding holidays ×
10 hours), and aggregated by contracted month.
* 2. Futures market data is aggregated based on data published on the JPX and EEX websites.
* 3. Base load market is calculated based on JEPX public data and converted to kWh. There is nocomparison from the same period last year due to the addition of long-term products and area
reorganization in this year.

19Electricity market monitoring report[Quarterly report]◆ Wholesale electricity market● JEPX market- Day-Ahead market- Intraday market- Forward transaction market◆ Voluntary efforts by general electric utilities, etc.
● Supply of surplus electricity to JEPX market● Trading status and sell bid withdrawal status in the intraday market● Status of gross bidding● Status of block sell bidding● Supply of power source to the market for wholesale electricity utilities● Status of bidding, etc. for public hydroelectricity business● Status of OTC transactions[Medium- to long-term trend report]◆ Wholesale electricity market● JEPX market
Trends in contracted volume
Trends in contracted price
Trends in the market splitting occurrence rate
● JEPX spot price and fuel cost
◆ Retail market● Trends in new entrants share by area
● Market share by area
● Trends in electricity unit price● Trends in switching◆ Gas market● Status of OTC transactions of general gas utilities● Usage status of Start-up wholesale measure20Supply of surplus electricity to JEPX market:
Status of available bidding volume for supply capacity

July to September 2023
period○ The total available bidding volume on the sample date of each month (data aggregated over seven days eachmonth) is approximately 4% to 7% of the in-house supply capacity (July: 7.1%, August: 5.8%, September: 4.4%).

In-house supply
capacity(Unit: GWh)
(Unit:
GWh)

In-housedemand, etc.

Outputconstraints

August(Unit: GWh)
GWh)
(Unit:

July(Unit:(Unit:GWh)
GWh)

Reserve power

Availablebidding volume

In-house supply
capacity

In-housedemand, etc.

Outputconstraints

Reserve
power

Availablebidding volume

September[Date for aggregation of available bidding volume]◆ The secretariat designated seven sample days each month and evaluated based on data
provided by general electric utilities and JERA.
- July includes two days (July 12, 19) when the average price per frame in the intraday market
soared to more than 30 yen/kWh.
- September includes four days (September 18, 19, 20, 21) when the system price soared to 30
yen/kWh or more, and two days (September 14, 28) when the average price per frame in theintraday market soared to 30 yen/kWh or more.
◆ Each data was collected using the specified data submission format on days when the pricerises above 30 yen/kWh in the day-ahead market and the intraday market

In-house supply
capacity

In-housedemand, etc.

Outputconstraints

Reserve
power

Available bidding
volume21

July to September 2023
period○○Intraday market for general electric utilities: Contract status by buyer and seller

Contracted volume as a seller and buyer in the intraday market for the general electric utilities and JERA was aggregated.
On the seller side, the main operators include H Electric Power, F Electric Power, and E Electric Power; on the buyer side, themain operators include I Electric Power, H Electric Power, and C Electric Power. There is a tendency for the contracted volume tobe high in July and August, when demand is high.

Contracted volume by seller in the intraday market, July 2023 (Unit: MWh)

A

B

C

D

E

F

G

H

I

J

Contracted volume by buyer in the intraday market, July 2023 (Unit: MWh)

A

B

C

D

E

F

G

H

I

J

Contracted volume by seller in the intraday market, August 2023 (Unit: MWh)

Contracted volume by buyer in the intraday market, August 2023 (Unit: MWh)

A

A

B

C

D

E

F

G

H

I

J

Contracted volume by seller in the intraday market, September 2023 (Unit: MWh)

A

B

C

D

E

F

G

H

I

*Aggregated from JEPX data (undisclosed)*Calculated for general electric utilities (excluding Okinawa Electric Power) and JERA

J

B

C

D

E

F

G

H

I

J

Contracted volume by buyer in the intraday market, September 2023 (Unit: MWh)

A

B

C

D

E

F

G

H

I

J

22

July to September 2023
period○○Intraday market for general electric utilities: Contract status by buyer and seller for each product frame

The figure below shows the contracted volume in the intraday market for the general electric utilities and JERA, broken down byseller and buyer for each product frame.
On the seller side, a peak can be seen during the lighting zone, and on the buyer side, there is a tendency for the contracted
volume to be large throughout the day during the demand season of July and August.
Contracted volume by seller and product period in theintraday market, July 2023 (unit: MWh)

Contracted volume by buyer and product period in theintraday market, July 2023 (unit: MWh)

Contracted volume by seller and product period in theintraday market, August 2023 (unit: MWh)

Contracted volume by buyer and product period in theintraday market, August 2023 (unit: MWh)

Contracted volume by seller and product period in theintraday market, September 2023 (unit: MWh)

Contracted volume by buyer and product period in theintraday market, September 2023 (unit: MWh)

*Aggregated from JEPX data (undisclosed)*Calculated for general electric utilities (excluding Okinawa Electric Power) and JERA

23

July to September 2023
period○(Distribution of number of cases by remaining time until GC)

For the tree sampling days (July 19, August 10, September 20), the distribution of the number of utilities was checked to see how
many hours before GC they withdrew their sell bids. It was found that the trend that the distribution concentrates in the period
between “one hour before GC” and “two hours before GC” has continued. The number of cases corresponding to “1 hour before” was217, increased from the previous quarter (198 cases).

(No. of cases)(No. of cases)(No. of cases)***

Status of withdrawal of sell bids by general electric utilities(No. of cases)

All utilities

C Electric Power(No. of cases)

G Electric Power(No. of cases)

A Electric PowerD Electric PowerH Electric Power(No. of cases)(No. of cases)(No. of cases)

B Electric PowerE Electric Power(No. of cases)

I Electric Power(No. of cases)

F Electric PowerJ Electric PowerThe number of sell bids on the board was checked at 59 minutes and 59 seconds every hour. The time until the GC was calculated using the time when there were no sell bids on the board as the withdrawal time.
Only "00-minute" frames (e.g., 01:00) were counted, and "30-minute" frames (e.g., 01:30) were not counted. Frames with always 0 sell bids were excluded from the calculations.
The secretariat sampled the characteristic days of each month. (July: Days when the price soared by 30 yen or more (Intraday market average price). August: Weekdays when the average system price was the lowest in August(excluding the low demand period during the Bon Festival period). September: Weekdays that include the time period when the average system price was the highest over the course of three months.)

24

July to September 2023
periodStatus of gross bidding implementation by general electric utilities○

As of September 2023, the ratio of the gross bidding sell volume to the electricity sales volume of each general electric utility has remained roughly the same, except
for some utilities, although there were differences in the progress of each utility.

○

Hokkaido Electric Power increased the ratio by the end of FY2022 to achieve its annual transaction target of 30%, and has maintained a high ratio since then.

○Chugoku Electric Power has reduced gross bidding since November 2021. According to the utility, “On days when market prices are expected to be extremely high or
low, there is a risk of a supply shortage or surplus, so we refrain from gross bidding that involves buying at a high price or selling at a low price.”○

It has been confirmed that Hokuriku Electric Power has not conducted gross bidding since March 2023. According to the utility, “The market price often remains lower
than the marginal cost of coal-fired power that is subject to gross bidding, and there is a risk that only the repurchase portion of gross bidding will be executed,
resulting in a shortage of reduction ranges in thermal power supply.”○

Note that, based on the discussion at the 87th Specialized Meeting for Fee Examination (July 28, 2023), gross bidding has been suspended starting from October 1,
2023.
GB sell bidding ratio to each utility's monthly electricity sales (April 2022 to September 2023)

Hokkaido

Tohoku

Tokyo

Chubu

Hokuriku

Kansai

Chugoku

Shikoku

Kyushu(unit: %)Trading volume target

Hokkaido

Approx. 30% at the end of FY2019

TohokuApprox. 20%

Tokyo

Approx. 20% at the end of FY2018

Chubu
Hokuriku

Further increase by about 10%

KansaiApprox. 20% within one year

Chugoku
Shikoku
KyushuApprox. 20% within FY2018

20-30% as soon as possible

Approx. 30% in FY2020
Approx. 30% within 3 years from the
start

*
*
*

For Hokkaido Electric Power and Tohoku Electric Power, their trading volume targets are set in conjunction with online bidding, so they are calculated as a percentage of the total sell volume, including online bidding.
Trading volume target: Excerpt from the 28th Specialized Meeting for Fee Examination materials. Future trading volume targets are presented.
Hokuriku Electric Power has suspended actual gross bidding since March 2023, and the figures in the table represent the implicit auctions using the GB account.

25

July to September 2023
period○○○Status of block sell bidding

The block sell bidding ratio tends to be lower on days when the spot prices rise and higher on days when spot prices fall.
The block sell contract rate continues to tend to be higher on days when spot prices rise and lower on days when spot prices fall.
The daily block sell contract rate for the quarter was approximately 16.4%, higher than the 8.1% in the previous quarter.

Average system price and block sell bidding ratio(yen/KWh)

Actual sell volume (MWh)Block sell bidding ratio

Daily average system price (yen/KWh)

Actual block sell bidding volume (MWh)(yen/KWh)

Average system price and block sell contract rate

Block sellbidding ration*Calculated based on data provided by general electric utilities (nine companies excluding Okinawa Electric Power) and JERA.
*The block bid ratio is calculated as the ratio of the actual block bidding volume (b) for which no buyer has been determined to the actual sell volume (a).
Block sell contract(a) Actual sell volume = Total sell volume (for regular bids) – Gross bidding high buyback volume – Implicit auction sell volume
rate(b) Actual block bidding volume = Normal block bidding volume (excluding implicit auctions and gross bidding) + Gross bidding actual block sell volume (*)(*) Gross bidding actual block sell volume = Gross bidding block sell volume - Gross bidding high buyback volume. If it is negative, it is counted as zero.
*Block sell contract rate is calculated as the ratio of actual block contracted volume (c) to (b) actual block bidding volume.
( c ) Actual block contracted volume = Normal block contracted volume (excluding implicit auctions and gross bidding) + Gross bidding actual block sell contracted volume (**)(**) Gross bidding actual block sell contracted volume = Gross bidding block sell contracted volume - Gross bidding high buyback volume. If it is negative, it is counted as zero.

Daily average system price (yen/kWh)

Daily average system price (yen/KWh)

26

July to September 2023
period○Monthly trends in percentage of block sell and contract rate by business operator (1/2)

The contract rates for D Electric Power and E Electric Power are higher than those of other companies.
While the block bidding ratio is high for A Electric Power, B Electric Power, C Electric Power, F Electric Power, J Electric Power,
and K Electric Power, the contract rate is limited. Regarding K Electric Power, the bidding method will be changed after the tool
revision (scheduled for January 2024).
General electric utilities (excluding Okinawa Electric Power) + JERAB Electric PowerD Electric PowerA Electric PowerC Electric PowerE Electric Power*Calculated based on data provided by general electric utilities (nine companies excluding Okinawa Electric Power) and JERA.

27

July to September 2023
periodMonthly trends in percentage of block sell and contract rate by business operator (2/2)
F Electric PowerH Electric Power (Note 1)

Percentage of block sell

Block sell contract rate

J Electric PowerG Electric PowerI Electric Power (Note 2)

K Electric Power*Calculated based on data provided by general electric utilities (nine companies excluding Okinawa Electric Power) and JERA.
(Note 1) H Electric Power does not conduct block sell bidding.
(Note 2) I-Electric Power has not conducted any block sell bidding this term.

28

July to September 2023
periodSupply of power for wholesale electricity utilities (J-Power)○ So far, approximately 619,000 kW*5, or approximately 5%, of the 12,000,000 kW*4 has been supplied. No progress has been seen compared to thesame period last year.
○ Further supply of power to the market has not yet been decided for each company.
Supplied power source volume
Discussion status, etc.
Hokkaido Electric
Power

Approximately 200 million kWh
per year *3 has been supplied.

Further supply of power to the market is undecided.

Tohoku Electric Power

Already 50,000 kW*2 hasbeen supplied.

Further supply of power to the market is undecided.

TEPCO EP

Already 30,000 kW*1 has
been supplied.

Further supply of power to the market is undecided.

Chubu Electric Power

Already 18,000 kW* 1 has
been supplied.

Hokuriku Electric Power

Already 10,000 kW*1 has
been supplied.

Kansai Electric Power

Already 350,000 kW*2 hasbeen supplied.

Further supply of power to the market is undecided.

Chugoku Electric Power

Already 18,000 kW* 1 has
been supplied.

Further supply of power to the market is undecided.

Shikoku Electric Power

Already 30,000 kW*1 has
been supplied.

Further supply of power to the market is undecided.

Kyushu Electric Power

Already 80,000 kW*1 has
been supplied.

Further supply of power to the market is undecided.

Okinawa Electric Power

Already 10,000 kW*1 has
been supplied.

Further supply of power to the market is undecided.

For the power sources subject to supply to the market, the power supply contracts with J-POWER ended at the end of
March 2021 (All amounts including the amount already supplied)
Further supply of power to the market is undecided.
For the power sources subject to supply to the market, the power supply contracts with J-POWER ended at the end of
March 2021 (All amounts including the amount already supplied)
Further supply of power to the market is undecided.

Source: Information provided by general electric utilities*1: Sending end output, *2: Starting output, *3: Annual total power generation amount, *4: Total equipment output excluding approximately 5 million kW of pumped storage power plant output, *5: For
Hokkaido Electric Power, conveniently estimated from the already supplied amount.
* It does not include newly supplied amount since it was a supply to the base load market.

29

July to September 2023
periodStatus of competitive bidding, etc. for public hydroelectric business○ Local governments manage 2,310,000 kW of hydroelectric power generation projects. Among them, 690,000 kW have been contracted
through general competitive bidding. Compared to the same period last year, it remains almost the same, but there was a shift to public
proposals at some power plants due to the termination of the FIT. (New)○ Of the remaining 1.62 million kW, approximately 81% continue to have a private contract with general electric utilities, and approximately
19% is sold as a FIT power source or renovated to apply FIT.
Public hydroelectric power generation facilities (as of April 1, 2023)
・Number of power plants: 310 ・Total output: Approx. 2.31 million kW
Examples of hydroelectric power sales contracts among 24 public utilities in which power is being delivered to successful bidders
determined through competitive bidding or public proposals (as of September 30, 2023)
Business entity

Power generation type

Total maximum output [kW]Contract type

Successful bidder

Hokkaido

5 hydroelectric power plants

50,500 General competitive bidding

Ennet

Iwate Prefecture

13 hydroelectric power plants
1 hydroelectric power plant

143,470
Public proposals
450

12 hydroelectric power plants

92,9003 hydroelectric power plants *1
1 hydroelectric power plant

9,250
3,700

8 hydroelectric power plants
4 hydroelectric power plants *1
1 hydroelectric power plant *1

59,100 Public proposals
26,600420 Public proposals

Tohoku Electric Power
Kuji Regional Energy
Consortium (Tohoku Electric Power, Tohoku
Electric Power Frontier)Local Denki
Yamagata Power Supply
Tohoku Electric PowerThe Earth Club

Tochigi Prefecture

8 hydroelectric power plants

60,700 Public proposals

TEPCO Energy PartnerTokyo

3 hydroelectric power plants

36,500 Public proposals

ENEOS

Yamanashi
Prefecture

1 hydroelectric power plant *2

380 Public proposals

Ennet

Nagano Prefecture

18 hydroelectric power plants *1

61,855 Public proposals

Consortium (Diamond Power, Marubeni Power
Retail, UPDATER)

Niigata Prefecture

9 hydroelectric power plants

114,200 General competitive bidding

Tohoku Electric PowerKyoto

1 hydroelectric power plant

11,000 General competitive bidding

Kansai Electric Power2 hydroelectric power plants

6,100 General competitive bidding

Tottori Citizen’s Electric Power

1 hydroelectric power plant

9,200 General competitive bidding

Chugoku Electric Power

Akita Prefecture

Yamagata Prefecture

Tottori Prefecture

Okayama Prefecture 1 hydroelectric power plant *2
Yamaguchi
1 hydroelectric power plant *2
Prefecture
Total

Public proposals

Total number: 19

Yamagata Power Supply

180 General competitive bidding

Zero Watt Power260 General competitive bidding

UPDATER

Total maximum output:
686,765 kW[29.8% of total hydropower
equipment output]

686,765

Source: Information provided by public municipalities*1 Starting from the July to September 2021 report, FIT power sources that shifted to public proposals or general competitive bidding have also been included in the review for the adjustment.
(Nagano Prefecture had set 22 locations to public proposals; however, the number was changed to 18 because 4 locations are currently being replaced due to FIT application, etc. Seven of themare FIT power sources.)*2 Due to the termination of FIT, shifted to general competitive bidding or public proposals.

30

July to September 2023
periodMoves toward canceling long-term contracts for power supply owned
by local governments○ According to questionnaire surveys of general electric utilities regarding the status of long-term contract
cancellations, there were no requests or consultations from public municipalities about earlier contract
cancellations during this period.
Summary of responses from general electric utilities regarding cancellation and review of electricity sales
contracts with local governments from July 2023 onwards[Status of negotiations for mid-term cancellation of existing contracts]- During this period, public municipalities did not request or consult to cancel or review the basic power supply contract (multi-year
long-term contract) with the general electric utilities.
[Continuation of existing private contract]- General electric utilities have concluded basic contracts (private contracts) with public municipalities and have held contract
renewal discussions regarding fees every two years. A power supply contract has already been concluded for the two years fromfiscal 2022 to 2023; however, local governments have said they would like to comprehensively consider canceling the contract
midway as an option for future business operations.

[Reference: Efforts related to power sales contracts by local governments (compiled from regular simple questionnaires)]■ The following efforts are made for private contracts with the general electric utilities.
- Establishment of electricity rate plans in partnership with general electric utilities (e.g., environmental value addition plan,
investment promotion plan, local industry promotion plan, migration discount plan)■ Electricity sales contracts are based on public proposals, divided into a general quota and a quota of new regional entrants within
the prefecture.
■ After the expiration of the private contract, specific procedures are being handled through general competitive bidding and public
proposals.
- Among these, Gunma Prefecture introduced a local production for local consumption type PPA, named “Gunma model,” thatmatches consumers and electricity retailers, and public proposals from both the consumers and electricity retailers were
implemented.
Source: Information provided by general electric utilities and public municipalities

31

July to September 2023
periodStatus of OTC transactions of general electric utilities○ As of September 2023, the ratio of supply through OTC transactions from general electric utilities tototal demand was 6.99%. (5.254 billion kWh (0.9 times compared to the same period last year))○ 4.54% (3.41 billion kWh) of OTC wholesale supply to outside the group accounts for 26.4% of newelectricity demand (12.91 billion kWh).
Trends in the ratio of supply through OTC transactions to total demandGroup/subsidiaries (other areas)
Group/subsidiaries (own area)
Group/subsidiaries (no area specified)Outside the group (other areas)
Outside the group (own area)
Outside the group (no area specified)Outside the group, Total

OTC wholesale supply tooutside the group
4.54% (3.41 billion kWh)Group/subsidiaries (other areas)
0.42% (320 million kWh)Group/subsidiary (own area)
2.03% (1.53 billion kWh)

Outside the group (other areas)
1.17% (880 million kWh)

Outside the group (own area)
3.37% (2.53 billion kWh)

Source: Information provided by general electric utilities (including JERA), etc.
* Group companies are defined as companies with a capital relationship of 20% or more.
* Regarding ‘area’: Until June 2020, the companies' responses were mixed, with some answering about the "(1) power receiving area" and others about the "(2) usage area." Most responses answering about"(2) usage area" said “No area designation.”
Thus, we notified the utilities to respond regarding only the “power receiving area” to grasp the actual situation, eliminating the “No area designation” category from the July-September 2020 period.
* For JERA, the calculation excluded the wholesale portion of TEPCO Energy Partner and Chubu Electric Power Miraiz.

32

July to September 2023
periodTrends in regular BU electricity sales○ As of September 2023, the ratio of regular BU electricity sales to total demand was 0.3% (190 million kWh).
Percentage of 10 companies' regular BU electricity sales in total demand (%)

million kWh

A total of 10 companies’ regular BU electricity sales (kWh)Source: Information provided by general electric utilities (including JERA), etc.

33

Electricity market monitoring report[Quarterly report]◆ Wholesale electricity market● JEPX market- Day-Ahead market- Intraday market- Forward transaction market◆ Voluntary efforts by general electric utilities, etc.
● Supply of surplus electricity to JEPX market● Trading status and sell bid withdrawal status in the intraday market● Status of gross bidding● Status of block sell bidding● Supply of power source to the market for wholesale electricity utilities● Status of bidding, etc. for public hydroelectricity business● Status of OTC transactions[Medium- to long-term trend report]◆ Wholesale electricity market● JEPX market
Trends in contracted volume
Trends in contracted price
Trends in the market splitting occurrence rate
● JEPX spot price and fuel cost
◆ Retail market● Trends in new entrants share by area
● Market share by area
● Trends in electricity unit price● Trends in switching◆ Gas market● Status of OTC transactions of general gas utilities● Usage status of Start-up wholesale measure

34

Medium- to longterm trends

Trends in the ratio of JEPX trading volume (contracted volume) to electricity demand○ As of September 2023, the ratio of JEPX trading volume (contracted volume*1) to Japan's electricity demand was 35.0%.

○ The ratios of implicit auction contracted buy volume (*2) and GB high price contracted buy volume (*3) to electricity demand were 6.9%
and 5.4%, respectively.
Ratio of JEPX trading volume (contracted volume) to electricity demand(April 2012 to September 2023)

Percentage of
JEPX trading
volume: 35.0%(as of September
2023)[October 2018] Implicit
auction system started

Day-Ahead market
Intraday market

Contracted volume (million kWh)

Forward transaction
marketBL market
Percentage of JEPX trading
volume (contracted volume)

Ratio of implicit
auctioncontracted buy
volume (*2):
6.9% (as of
September
2023)[Sequentially from April 2017]
Gross bidding initiative starts.

Ratio of implicit auction contracted buy volume toelectricity demand (*2)
Ratio of GB high price contracted buy volume toelectricity demand (*3).

Percentage of
GB high pricecontracted buy
volume (*3):
5.4% (as of
September
2023)

Voluntary efforts (Since March 2013~)
April 2012

April 2013

April 2014

April 2015

April 2016

April 2017

April 2018

April 2019

April 2020

April 2021

April 2022

April 2023

September
2023

Percentage of JEPX
trading volume

0.7%

1.1%

1.5%

1.6%

2.1%

3.5%

17.1%

30.1%

34.8%

36.7%

34.2%

33.8％

35.0%

(Percentage of dayahead market)

0.7%

1.0%

1.4%

1.5%

2.1%

3.2%

16.9%

29.9%

33.8%

36.0%

32.9%

31.6％

33.4%

(Percentage ofintraday market)

0.001%

0.1%

0.1%

0.1%

0.004%

0.3%

0.2%

0.2%

0.4%

0.4%

0.5%

0.9％

0.6%

(Percentage of BL
market)

ー

ー

ー

ー

ー

ー

ー

ー

0.6%

0.4%

0.8%

1.3％

1.0%

*1 Total of contracted buy volume of each business operator and each frame (including contracted buy volume in cases where the same business operator contracts both buy and sell in the same frame, such as in implicit auctions by the company).
*2 The implicit auction contracted buy volume is the sum of the contracted volumes of accounts that correspond to implicit auctions as an attribute of JEPX user account data.
*3 Regarding GB high price contracted buy volume, for the regular accounts of the general electric utilities, excluding Kansai Electric Power and Hokuriku Electric Power, the contracted volume was counted at the buy bid price of 999 yen/kWh, Hokuriku Electric Power at 200
yen/kWh, and Kansai Electric Power at 210 yen/kWh or more.

35

Medium- to longterm trends

Price trends in the day-ahead market○ The system price increased in the fall of 2021 and dropped to around 20 yen from April to May 2022. It rose again from the end of June, but
fell to around 8 yen in June 2023. It has been on an upward trend since July 2023.

○ In the FY2022 annual evaluation, the price difference between Tokyo and Kansai area prices widened compared to other fiscal years.
However, from July to September, the difference shrank compared to the previous quarter. (Previous quarter average: Tokyo area price,10.6 yen/kWh; Kansai area price, 7.1 yen/kWh)

Day-Ahead market: Trends in system price(April 1, 2012 to September 30, 2023)
Kansai area price (7-day
moving average)

System price (7-day moving
average)

System price (yen/kWh)Tokyo area price (7-day moving
average)(yen/kWh)FY2012
average

FY2013average

FY2014average

FY2015average

FY2016average

FY2017average

FY2018average

FY2019average

FY2020average

FY2021average

FY2022
average

Quarter
average

System price

14.4

16.5

14.7

9.8

8.5

9.7

9.8

7.9

11.2

13.5

20.4

11.7

Tokyo area price

14.7

16.4

14.6

11.0

9.3

10.2

10.7

9.1

12.0

14.3

23.5

13.3

Kansai area price

14.3

16.6

14.7

9.4

8.3

9.8

8.9

7.2

11.1

14.1

19.5

10.8

36

Medium- to longterm trends

Trends in the occurrence rate of market splitting between each area

○ Market splitting regularly occurs for the Hokkaido-Honshu interconnection line, the Tokyo-Chubu interconnection line,
and the Chugoku-Kyushu interconnection line.
○ The market splitting rate for Hokkaido-Honshu and Tokyo-Chubu had been on the decline, but has leveled off in recent
years. The market splitting rate of Chugoku-Kyushu had been on the rise, but recently, it has been on the decline. On
the other hand, there is an upward trend between Chubu-Hokuriku and Chubu-Kansai.
Day-Ahead market: Trends in monthly splitting occurrence rate
(12-month moving average)(March 2013 to September 2023)
Hokkaido-Honshu

Tohoku-Tokyo

Tokyo Chubu

Chubu-Hokuriku

Hokuriku-Kansai

Chubu-Kansai

Kansai-Chugoku

Kansai-Shikoku

Chugoku-Shikoku

Chugoku-Kyushu

Hokkaido-Honshu: interconnection line
reinforcement(600,000 kW → 900,000 kW) (March 2019)

Tokyo-Chubu: Hida Shinano FC operation starts(1.2 million kW → 2.1 million kW) (March 2021)

Splitting occurrence
rate (%)

ChubuKansai
ChubuHokuriku

ChugokuKyushu*

Monthly splitting occurrence rate (12-month moving average): The 12-month moving average of the monthly sum of the percentage of frames with different area prices in adjacent areas among each frame
every 30 minutes in Day-Ahead market.

*

Spot transaction in the Hokkaido area was suspended from September 7 to 26, 2018 due to the effects of the 2018 Hokkaido Eastern Iburi Earthquake. Calculations excluded the period of suspension.

37

Medium- to longterm trends

JEPX day-ahead price and fuel price○ The long-term trend of JEPX spot prices was similar to that of LNG and C heavy oil prices. However,
due to the spike in spot prices in January 2021, the price (12-month moving average) has increased
since then. Although it decreased once in January 2022, it has risen again. Entering 2023, fuel prices
continue to trend downward.

Steam coal (1,000 yen/MJ)

C heavy oil (1,000 yen/MJ)

LNG (1,000 yen/MJ)

System price_daily average

System price_9:00-15:00 frame average

System price_18:00-24:00 frame average

JEPX spot price(System price)

Fuel price (1,000 yen/MJ)

Trends in JEPX spot price and fuel price (12-month moving average)(January 2013 to September 2023)

Source: Prepared by the Electricity and Gas Market Surveillance Commission based on the Trade Statistics of Japan, Ministry of Finance (as of November 17, 2023)*
Fuel prices are aggregated import CIF prices using the calorific value shown in the thermal power generation fuel results of the Electricity Survey Statistics.
*
There are no trade statistics for C heavy oil for April, July, August, October, December 2019, February, March, April, June, August, September, November, December 2020, and April, May, September 2021.
*
The system price plummeted in January 2022 because the 12-month moving average (from February last year to January this year) was used. Thus, the soaring single monthly price in January 2021 was out of the calculation range.

38Electricity market monitoring report[Quarterly report]◆ Wholesale electricity market● JEPX market- Day-Ahead market- Intraday market- Forward transaction market◆ Voluntary efforts by general electric utilities, etc.
● Supply of surplus electricity to JEPX market● Trading status and sell bid withdrawal status in the intraday market● Status of gross bidding● Status of block sell bidding● Supply of power source to the market for wholesale electricity utilities● Status of bidding, etc. for public hydroelectricity business● Status of OTC transactions[Medium- to long-term trend report]◆ Wholesale electricity market● JEPX market
Trends in contracted volume
Trends in contracted price
Trends in the market splitting occurrence rate
● JEPX spot price and fuel cost
◆ Retail market● Trends in new entrants share by area
● Market share by area
● Trends in electricity unit price● Trends in switching◆ Gas market● Status of OTC transactions of general gas utilities● Usage status of Start-up wholesale measure

39Medium- to longterm trends

Trends in new entrants share○ The share of new entrants in the total demand for electricity based on the amount of electricity sales has been on the
decline since August 2021.
○ As of September 2023, the share of new entrants in total demand is approximately 17.2%, the share of new entrants
in extra-high/high-voltage demand was approximately 11.7%, and that in low-voltage demand was approximately
26.4%.

Share (%)

Market share of new entrants (April 2012 to September 2023)

Extra high/high voltage(new entrants sales volume)

Extra high/high voltage(other than new entrants supply)
Low voltage (new entrants sales volume)Low voltage (other than new entrants supply)
New entrants share in total demand
New entrants’ share in extra-high/high-voltage demand

Electricity (million kWh)New entrants’ share in low-voltage demand*“New entrants” refers to electricity retailers other than general electric utilities Subsidiaries of general electric utilities are also included in new entrants.
(Source: Monthly electricity generation/reception report, Electricity Trading Report)

New entrants shareintotal demand
総需要に占める新電力シェア
特高・高圧需要に占める新電力シェア
inextra-high/high-voltage demandin low-voltage demand
低圧需要に占める新電力シェア

2012/4
2.3%
3.7%-

2013/42.6%
4.2%-

2014/43.1%
5.0%-

2015/44.0%
6.5%-

2016/4
5.2%
8.2%
0.1%

2017/4
9.2%
12.1%
4.6%

2018/4
12.7%
14.9%
8.8%

2019/4
14.0%
14.5%
13.2%

2020/4
16.2%
15.8%
16.9%

2021/4
19.9%
19.4%
20.6%

2022/4
19.9%
17.7%
23.6%

2023/9
17.2%
11.7%
26.4%

40

Medium- to longterm trends

Trends in new entrants share by area (by fiscal year)○ Looking at the share of new entrants sales by area for all voltages, there is a decrease in allareas compared to the same month last year. In particular, the decrease at high pressures
is remarkable. Tokyo is one of the areas with a high share of new entrants’ electricity sales.

Trends in new entrants share by area
Total voltage
Hokkaido

Tohoku

Tokyo

Chubu

Extra-highvoltage
HokurikuHighpressureKansaiLow pressure
total
Chugoku

Shikoku

KyushuOkinawa*“New entrants” refers to electricity retailers other than general electric utilities Subsidiaries of general electric utilities are also included in new entrants.
(Source: Monthly electricity generation/reception report, Electricity Trading Report)

41

Market share by area

Medium- to longterm trends○ Supply by general electric utilities and their affiliated companies to areas outside the service area wasapproximately 3.4% of the total (5.4% as of September 2022). By area, out-of-region supplies are being
carried out in all regions except Okinawa.
Market share by area (September 2023)

Hokkaido

Tohoku

Tokyo

Chubu

Hokuriku

Kansai

Chugoku

Shikoku

KyushuOkinawa

Total

General electric utilities in their own area
Affiliates of general electric utilities in their own area (investment ratio of 20% or more)*1
General electric utilities in other areas
Affiliates of general electric utilities in other areas (investment ratio of 20% or more) *2
New entrants (excluding *1 and *2)(Source) Electricity Trading Report(Note) Based on electricity sales amount42

Medium- to longterm trends

Trends in electricity unit price (national average) (excluding fuel cost adjustment
unit price, FIT levy and consumption tax, 12-month moving average)○ After electricity liberalization, the unit price of electricity (excluding fuel cost adjustment unit price, FIT
levy, and consumption tax) has seen a significant decrease in the unit price at low-voltage due to theimpact of subsidies such as the drastic change mitigation project. For extra-high voltage, there has
been a recent upward trend.
Trends in electricity unit price (national average)

Low-voltage

High pressure

Extra-high voltage(Remarks)
・12-month moving average
・Excluding fuel cost adjustment unit price, FIT levy, and consumption tax(When excluding the fuel cost adjustment unit price (yen/kWh), the pay-as-you-go figures published by the general electricity utilities in each area are used for all
electricity retailers)(Source)
Prepared by the Electricity and Gas Market Surveillance Commission Secretariat from the Electricity Trading Report43Medium- to longterm trends

Trends in switching (low-voltage) (1)○ Switching from the regulated tariff menu of general electric utilities to voluntary rate menus and newentrants has been on an upward trend since 2016. However, there has been a recent trend towards
flatness. As of September 2023, it was 47.2% nationwide.
September 2023

Percentage of switching from regulated tariff

Hokkaido

Tohoku

Tokyo

Chubu

Hokuriku

Chugoku

Shikoku

KyushuOkinawa

Nationwide(Source) Monthly electricity generation/reception report, Electricity Trading Report(Note) Low-voltage: based on number of contracts

Kansai

Hokkaido

40.9%

Tohoku

31.8%

Tokyo

50.3%

Chubu

50.1%

Hokuriku

42.7%

Kansai49.4%

Chugoku

54.8%

Shikoku

44.3%

Kyushu46.0%

Okinawa

31.4%

Nationwide

47.2%*For Okinawa, calculations are based only on lowvoltage lights (high-voltage switching is not included)44

Medium- to longterm trends

Trends in switching (low-voltage) (2)○ Switching from general electric utilities in each area to new entrants and other business operators(including general electric utilities that supply electricity outside the area) varies by area. However, there
has been a recent trend towards flatness. As of September 2023, it was 22.2% nationwide.
September 2023

Percentage of switching from general electric utilities in each area

Hokkaido

Tohoku

Tokyo

Chubu

Hokuriku

Chugoku

Shikoku

KyushuOkinawa

Nationwide

Kansai

Hokkaido

20.2%

Tohoku

13.1%

Tokyo

31.1%

Chubu

19.0%

Hokuriku

5.9%

Kansai25.5%

Chugoku

10.8%

Shikoku

11.6%

Kyushu14.4%

Okinawa

11.2%

Nationwide

22.2%(Source) Electricity Trading Report(Note) Low-voltage: based on number of contracts

45

Medium- to longterm trends

Status of OTC transactions of general gas utilities (9 companies: 1G/2G)○○

General gas utilities (9 companies: 1G/2G) accountfor national city gas demand percentage of OTC
wholesale transactions [m3 basis]○

In order to understand the actual status of wholesale transactions in the city gas field, a monitoring of gas wholesale transactions ofnine 1G/2G companies was conducted.*1 (Monitoring data from January 2020. The most recent two years from October 2021 areshown).
As of the end of September 2023, the ratio of OTC wholesale supply of 1G/2G *3 to the retail service of city gas nationwide *2 wasapproximately 11%.
The ratio of OTC wholesale supply to new entrants (those who are not general gas utilities) was approximately 1.2%. (The share of
retail sales volume by new entrants was approximately 20% (as of the end of September 2023)).
withingroup

New entrants*1 1G: Tokyo Gas, Osaka Gas, Toho Gas 2G: Hokkaido Gas, Sendai City Gas Bureau, Shizuoka Gas, Hiroshima Gas, Saibu Gas, Nihon Gas (Kagoshima)*2 45 MJ base.
*3 Includes base exit wholesale, pipe connection point wholesale, demand point wholesale (One-touch wholesale/Start-up wholesale), and liquid wholesale (lorry, etc.). Regarding liquid wholesale,the conversion is based on the assumption that 1 ton of liquefied natural gas ≈ 1,220 m 3 and does not take into account calorific value adjustments.
*4 3Gs/4Gs are general gas utilities that primarily receive wholesale gas supply from other business operators and provide retail service through its own pipeline network.
*5 Group companies are defined as companies with a capital relationship of 20% or more.

46

Medium- to longterm trends

Usage status of Start-up wholesale measure (as of the end of September 2023)○ To contribute to the goal of gas system reform, the nine general gas utilities (1G/2G) began a voluntary initiative
called "Start-up wholesale" in FY2020 to support the entry of new business operators.
○ Regarding Start-up wholesale, the number of inquiries made to wholesalers, the number of contracts
concluded, the number of contract negotiations underway, and the number of contract negotiations completed
are as follows. (As of the end of September 2023)
Wholesaler
nameNumber ofinquiries

Contract concluded

Under contract negotiation

Contract negotiation
completed*

Tokyo Gas

22

4

2 (+2)

16 (-2)

Osaka Gas

11 (+1)

4 (+1)

1

6

Toho Gas

11

2

1

8

Hokkaido Gas

16

2

2

12

Shizuoka Gas

18 (+1)

6

7 (-2)

5 (+3)

Saibu Gas

15

3

4

8

Hiroshima Gas

6

1

0

5

Sendai City
Gas Bureau

7

0

2

5

Nippon Gas

11 (+6)

2 (+1)

0

9 (+5)

Total

117

24

19

74

*

The "number of contract negotiations completed" includes those in which negotiations were explicitly discontinued due to failure to reach an agreement and cases in which there was an inquiry
for use but no negotiation was reached. It also includes cases in which there is no further contact, contract negotiations, or progress in talks for more than three months from the inquiry date.
47

47

Electricity market monitoring○

So far, the Working Group Meeting and Specialized Meeting for Fee Examination have conducted monitoring reports as shown below.
-

1st monitoring: August 2, 2013, 1st Working Group Meeting for Fee Examination (January-mid-July 2013 report)-

2nd monitoring: December 9, 2013 4th Working Group Meeting for Fee Examination (Mid-July-mid-November 2013 report)-

3rd monitoring: June 23, 2014 6th Working Group Meeting for Fee Examination (Mid-November 2013-March 2014 report)-

4th monitoring: October 30, 2014 9th Working Group Meeting for Fee Examination (April-August 2014 report)-

5th monitoring: June 25, 2015 13th Working Group Meeting for Fee Examination (September 2014-March 2015 report)-

6th Monitoring: January 22, 2016 4th Specialized Meeting for Fee Examination (April-September 2015 report)-

7th Monitoring: June 17, 2016 8th Specialized Meeting for Fee Examination (October 2015-March 2016 report)-

8th Monitoring: September 27, 2016 11th Specialized Meeting for Fee Examination (April-June 2016 report)-

9th Monitoring: December 19, 2016, 14th Specialized Meeting for Fee Examination (July-September 2016 report)-

10th Monitoring: March 31, 2017 16th Specialized Meeting for Fee Examination (October-December 2016 report)-

11th Monitoring: June 27, 2017 19th Specialized Meeting for Fee Examination (January-March 2017 report)-

12th Monitoring: September 29, 2017 22nd Specialized Meeting for Fee Examination (April-June 2017 report)-

13th Monitoring: December 26, 2017, 25th Specialized Meeting for Fee Examination (July-September 2017 report)-

14th Monitoring: March 29, 2018 28th Specialized Meeting for Fee Examination (October-December 2017 report)-

15th Monitoring: June 19, 2018 31st Specialized Meeting for Fee Examination (January-March 2018 report)-

16th Monitoring: September 20, 2018 33rd Specialized Meeting for Fee Examination (April-June 2018 report)-

17th Monitoring: December 17, 2018, 35th Specialized Meeting for Fee Examination (July-September 2018 report)-

18th Monitoring: April 25, 2019 37th Specialized Meeting for Fee Examination (October-December 2018 report)-

19th Monitoring: June 25, 2019 39th Specialized Meeting for Fee Examination (January-March 2019 report)-

20th Monitoring: September 13, 2019 41st Specialized Meeting for Fee Examination (April-June 2019 report)-

21st Monitoring: December 17, 2019, 44th Specialized Meeting for Fee Examination (July-September 2019 report)-

22nd Monitoring: March 31, 2020 46th Specialized Meeting for Fee Examination (October-December 2019 report)-

23rd Monitoring: June 30, 2020 48th Specialized Meeting for Fee Examination (January-March 2020 report)-

24th Monitoring: September 8, 2020 50th Specialized Meeting for Fee Examination (April-June 2020 report)-

25th Monitoring: December 15, 2020, 53rd Specialized Meeting for Fee Examination (July-September 2020 report)-

26th Monitoring: April 16, 2021 59th Specialized Meeting for Fee Examination (October-December 2020 report)-

27th Monitoring: June 29, 2021 62nd Specialized Meeting for Fee Examination (January-March 2021 report)-

28th Monitoring: October 1, 2021 65th Specialized Meeting for Fee Examination (April-June 2021 report)-

29th Monitoring: December 21, 2021, 68th Specialized Meeting for Fee Examination (July-September 2021 report)-

30th Monitoring: March 24, 2022 71st Specialized Meeting for Fee Examination (October-December 2021 report)-

31st Monitoring: June 23, 2022 74th Specialized Meeting for Fee Examination (January-March 2022 report)-

32nd Monitoring: September 26, 2022 77th Specialized Meeting for Fee Examination (April-June 2022 report)-

33rd Monitoring: December 22, 2022, 80th Specialized Meeting for Fee Examination (July-September 2022 report)-

34th Monitoring: March 27, 2023 83rd Specialized Meeting for Fee Examination (October-December 2022 report)-

35th Monitoring: June 27, 2023 86th Specialized Meeting for Fee Examination (January-March 2023 report)-

36th Monitoring: September 29, 2023 89th Specialized Meeting for Fee Examination (April-June 2023 report)○ This time, we conducted a monitoring report for the July to September period of 2023. We will continue to monitor the electricity market.

48