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8 August 2005 - Five of Japan's ten major electricity suppliers have recorded year-on-year falls in second quarter profits, blaming the price of crude oil for the downturn.

The record high price of oil has also driven up the cost of other fuels such as LNG and coal. Excluding the companies that were able to boost their nuclear output to cover the price rise, the majority of Japanese generators saw profits tumble.

Japan is not alone in being affected by the rising price of fuel. The news comes as a British Sunday newspaper reported that the UK's largest household energy supplier, Centrica, is likely to raise its prices by at least ten per cent in the coming weeks. Other companies are expected to soon follow.

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