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Japan's new carbon tax to cost utilities $1billion annually

Wed, 10/10/2012 - 3:24am
Reuters

TOKYO (Reuters) - Japan's new tax on carbon emissions will cost utilities about 80 billion yen ($1.02 billion) annually from 2016, adding to their already high costs of running power stations after the Fukushima crisis shut most of the country's nuclear plants, a government backed think-tank said.

Japan will gradually phase in the tax on oil, natural gas and coal over the next five years, in a move that will hit the balance sheets of businesses from refineries and power plants to factories and gas stations.

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