Business | Jun 30

Tepco shares surge as Japan’s heat wave stretches power grid

Jun 30 (marketwatch.com) - Shares of Tokyo Electric Power Co. Holdings Inc. surged Wednesday as a heat wave in Japan boosted power demand in the capital.

The Japanese power utility 9501, +5.27%, also known as Tepco, rose as much as 6.2% before paring gains to trade 4.7% higher at 576 yen ($4.23). Its one-week advance stands at 23%, taking the stock to its highest level in three years.

The share-price rise comes as Tokyo’s electricity grid is under increasing strain due to higher cooling and air-conditioning demand amid a heat wave. ...continue reading

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