In the day-ahead market on JEPX (Japan Electric Power Exchange), the 24-hour spot power prices on a weekly average basis for Nov 3-7 delivery fell further from the previous week in East Japan (50 Hz) as well as in West Japan (60 Hz). The comfortable weather in East and West Japan weighed on prices. While Hokkaido saw high prices of Yen 30's in the middle of the week, otherwise, high prices were just Yen 15-16's, which aligned with the fuel market and weather conditions.

The spread of the 24-hour spot average between Tokyo and Kansai, a major market area in East and West Japan, was Yen 2.98 on Nov 3, Yen 1.15 on Nov 4, Yen 2.27 on Nov 5, Yen 3.25 on Nov 6, and Yen 0.83 on Nov 7 in favor of the East.

The fuel market trends in the first week of November were detailed as follows.

DES Northeast Asia spot LNG prices on Nov 6 edged higher from the end of last week (Oct 24) to low-$11's per mmBtu for prompt December 2025 delivery. The price moved in the same way as those in the natural gas markets in Europe. The Ministry of Economy, Trade and Industry (METI) announced on Nov 2 that Japan's LNG inventories for power generation stood at 1.98 mil mt as of Nov 2, up 10,000 mt from a week before. The figure was above the end of October last year (1.84 mil mt) but below the average for the past five years (2.03 mil mt).

FOB Newcastle thermal coal prices in Australia were in the high-$110's per ton for November 2025 loading as of Nov 6, up $2.5 from the end of the previous week.

In the crude oil market, WTI crude for December 2025 stood in the high $59's per barrel at 2PM on Nov 7, while Brent crude for January 2026 was trading in the high $63's. Prices dropped by about $1 from the end of the previous week for WTI and Brent. OPEC Plus's decision to increase crude production by 137,000 barrels per day from the previous month starting December as well as the larger-than-expected increase in the US Energy Information Administration (EIA)'s crude oil inventory data, which was released on Nov 5,worked as a bearish sentiment.

The actual highest price during the week was at Yen 45.29 in Hokkaido on Nov 3; the actual lowest price during the week was at Yen 0.01 in Kyushu on Nov 3.

By area, the weekly average of the 24-hour spot prices was at Yen 13.16 in Hokkaido, up Yen 0.13 from the previous week; Yen 11.24 in Tohoku, down Yen 0.54; Yen 12.10 in Tokyo, down Yen 0.97; Yen 10.57 in Chubu, down Yen 0.90; Yen 9.80 in Hokuriku and Kansai, down Yen 0.50; Yen 9.65 in Chugoku, down Yen 0.28; Yen 8.12 in Shikoku, up Yen 0.39; and Yen 9.06 in Kyushu, down Yen 0.26.

In the JEPX auction, the volume of offers was 1,058.21 mil kWh on a weekly average basis, up 3.7% from the previous week. Meanwhile, bids on a weekly average basis were up 10.3% to 1,051.11 mil kWh. The weekly average of trade volumes recorded 721.36 mil kWh, down 1.1%.

Power demand in nine areas of Japan during Nov 3-7 was a combined 10,643.87 mil kWh, up 0.7% from 10,565.79 mil kWh during Oct 27-31. The figure was up 2.2% from the corresponding period a year earlier, which was 10,410.86 mil kWh during Nov 4-8, 2024, after day-of-week adjustment.

Deals reported on TOCOM (Tokyo Commodity Exchange) during Nov 3-10 were as below.

Deals reported on EEX (European Energy Exchange) during Nov 3-10 were as below.

※As of 7:00 on November 10, the detailed breakdown of the November 7 transaction is unknown. The November 7 price is settlement price.

Prices for the second week in November would likely stay low. A spell of mild weather, which requires neither air conditioning nor heating, was expected, putting a lid on prices through curbing demand. While a sunny spell was forecasted in the first half of next week, rain was to come in the second half of the week. As a result, the variation in outputs from photovoltaic power plants would play a key part in pricing during the daytime; prices might show an upward trend toward the latter half of the week, when rainy weather was expected. "The market of focusing weather will last. Base load price will move at Yen 12's for Tokyo and at Yen 10-11's for Kansai," a source at a power producer and supplier said.