Tokyo Electric Power Co. said Monday it will cut electricity rates by an average of 7.02 percent in April under a three-year business plan aimed at bolstering its competitiveness.
The average monthly electricity bill for a standard household will be reduced by 346 yen, or 5.1 percent, to 6,418 yen, while rates for office buildings will be cut by 12.8 percent, the company said.
Under the new business plan through March 2005, Tepco aims to generate an annual pretax profit of more than 300 billion yen and a return-on-equity ratio of more than 9 percent on an unconsolidated basis.