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Business

Kansai Electric scraps rate cut as new competition looms

Shigeki Iwane, an executive vice president at Kansai Electric, apologizes for the canceled rate reduction.

OSAKA -- A court has thrown a monkey wrench into Kansai Electric Power's plans to lower rates to keep customers from jumping ship after the full liberalization of the Japanese retail electricity market in April.

     The Osaka-based utility has been forced to back down on plans to reduce household rates in May now that the Otsu District Court has ordered the company to shut down two recently restarted nuclear reactors.

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