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Eneos says spike in Japan's power price cut its profit by Y20 bln

TOKYO, Feb 10 (Reuters) - Japan’s oil and metals company Eneos Holdings Inc said on Wednesday a recent spike in the nation’s wholesale electricity prices would cut its profit by 20 billion yen ($191 million) for the year ending March 31.

However, the company stuck to its annual earnings forecast.

In light of the damage from record high power prices, Eneos, also an electricity retailer, is reinforcing its power procurement strategy and considering the use of power futures for hedging, Soichiro Tanaka, Eneos’ senior vice president, told a news conference, adding that buying other power retailers would be an option.

Reporting by Yuka Obayashi; Editing by Christian Schmollinger

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