By Kosaku Narioka
Japanese power company stocks rose sharply Monday morning after Prime Minister Fumio Kishida said the government plans to maximize the use of nuclear power to secure stable power supply.
Tokyo Electric Power Co. Holdings Inc. shares were recently 10% higher at 421 yen ($3.39) after rising as much as 11% earlier. Chubu Electric Power Co. shares were up 6.7% and Hokuriku Electric Power Co. shares rose 2.5%.
Mr. Kishida released a list of new sanctions against Russia on Friday, including a phase-out of Russian coal imports. Meanwhile, Mr. Kishida said the government plans to maximize the use of nuclear and renewable power to avoid a power supply shortage.
Restarts of existing nuclear reactors have been a contentious issue in Japan after the Fukushima nuclear disaster in March 2011.
The benchmark Nikkei Stock Average was recently down 0.6%.
Write to Kosaku Narioka at email@example.com
(END) Dow Jones Newswires
April 10, 2022 22:30 ET (02:30 GMT)Copyright (c) 2022 Dow Jones & Company, Inc.