In the day-ahead market on JEPX (Japan Electric Power Exchange), the 24-hour spot power prices on a weekly average basis for Nov 24-28 delivery fell in East Japan (50 Hz) and in West Japan (60 Hz). The mild weather through the week weakened demand, and so did prices. In West Japan, prices saw a larger fall than in East Japan because many sunny days put a lid on prices through outputs from photovoltaic power plants. A gradual return of thermal power plants from maintenance also played a part in weighing prices down.

The spread of the 24-hour spot average between Tokyo and Kansai, a major market area in East and West Japan, was Yen 2.65 on Nov 24, Yen 3.62 on Nov 25, Yen 2.26 on Nov 26, Yen 1.49 on Nov 27, and Yen 0.70 on Nov 28 in favor of the East.

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

DES Northeast Asia spot LNG prices on Nov 27 dropped by around 85cts from the end of last week (Nov 21) to high-$10's per mmBtu for prompt January 2026 delivery. The weak natural gas markets in Europe through the week sent the DES Northeast Asia spot LNG prices lower. The Ministry of Economy, Trade and Industry (METI) announced on Nov 26 that Japan's LNG inventories for power generation stood at 2.13 mil mt as of Nov 23, down 110,000 mt from a week before. The figure was above the end of November last year (1.72 mil mt) and the average for the past five years (2.05 mil mt).

FOB Newcastle thermal coal prices in Australia were at high $109's per ton for December 2025 loading as of Nov 27, down around just under $ 3 from the end of the previous week. Prices followed the weak gas market.

In the crude oil market, WTI crude for January 2026 stood in the low-$59's per barrel at 8AM on Nov 28, while Brent crude for January 2026 was trading in the mid $63's. Prices dropped by a shy of $1 from the end of the previous week for WTI and Brent. The expectations for the progress of the ceasefire deal about the Ukraine war pushed crude prices lower.

The actual highest price during the week was at Yen 21.00 in Chubu and Hokuriku on Nov 25; the first over Yen 20 since Nov 6, when prices in Hokkaido reached Yen 30.00. The actual lowest price during the week was at Yen 0.01 in Kyushu on Nov 28.

By area, the weekly average of the 24-hour spot prices was at Yen 11.44 in Hokkaido, up Yen 0.53 from the previous week; Yen 11.58 in Tohoku, up Yen 0.71; Yen 12.03 in Tokyo, down Yen 0.48; Yen 12.11 in Chubu, down 0.26; Yen 11.46 in Hokuriku, down Yen 0.72; Yen 9.89 in Kansai, down Yen 1.06; Yen 9.89 in Chugoku, down Yen 1.03; Yen 9.55 in Shikoku, down Yen 0.12; and Yen 9.65 in Kyushu, down Yen 1.09.

In the JEPX auction, the volume of offers was 1,155.41 mil kWh on a weekly average basis, up 5.4% from the previous week. Meanwhile, bids on a weekly average basis were down 2.5% to 955.61 mil kWh. The weekly average of trade volumes recorded 737.78 mil kWh, down 3.0%.

Power demand in nine areas of Japan during Nov 24-28 was a combined 11,497.28 mil kWh, down 1.3% from 11,651.95 mil kWh during Nov 17-21. The figure was up/down 2.4% from the corresponding period a year earlier, which was 11,778.74 mil kWh during Nov 25-29, 2024, after day-of-week adjustment.

Deals reported on TOCOM (Tokyo Commodity Exchange) during Nov 24-28 were as below.

Deals reported on EEX (European Energy Exchange) during Nov 24-28 were as below.

Prices for the first week in December would be unlikely to change from the final week of November. High temperatures in the first half of the week were expected to stay just under 20 degrees in and to the west of the Kanto area, which would limit demand for heaters. Thereafter, in the second half of the week, they would drop to low 10 degrees, a typical seasonal temperature, increasing demand for heating. As a result, prices would likely increase toward the end of the week; however, many viewed they would not rise much owing to the return of more thermal power plants from their maintenance, which adds depth to the supply capacity. Asked about the price outlook for the first week of December, a source at a power producer and supplier said, "Prices will hover at a range of low to high Yen 12's for Tokyo and at Yen 1.00 lower than Tokyo for Kansai." In December and onwards, while maintenance at the frequency converter will continue, it will end at the Minami-Fukumitsu Line (connecting line between Chubu and Hokuriku), which might work to raise prices in the Kansai area through power flows from Chubu to Kansai. The maintenance at the line has been working to widen the spread between Tokyo/Chubu and Kansai so far.