Time Lag in Fuel Cost Adjustment Following Fluctuations in Exchange Rates, Crude Oil Prices and LNG Prices
First written in FY2016. 33 of 36 entries say "Materialised", first in FY2016. Latest entry: 2026-08-06.
Hokuriku Gas moved to the "Worse" side of this theme in 2016, 4 years before the typical company in this theme (2020).
The whole theme swung hardest in 2026: 6 of 8 companies on the "Worse" side.
2 other companies' latest entry also says "Materialised".
- 2026-08-06MaterialisedResults
「営業費用につきましては、ＬＮＧ価格が前年に比べ低く推移したものの、ガス販売量の増加による原料費等の増加があったことから、前年同期に比べ２億83百万円増加の133億64百万円となりました。」
LNG価格の低下と、販売量増加に伴う原料費等の増加が当四半期の営業費用に実績として現れた。 - FY2026MaterialisedAnnual report
「Operating expenses totaled ¥60,637 million, up 0.5% from the previous fiscal year. Although LNG prices remained lower than in the previous year, reducing raw material costs, depreciation and other expenses associated with the acquisition of Ojiya City's gas business increased.」
The decline in raw material costs resulting from lower LNG prices was reflected in results, while depreciation and other expenses associated with the acquisition of Ojiya City's business increased expenses. - 2026-05-15WorsenedResults
「営業利益につきましては、ＬＮＧ価格の上昇等に伴う原料費の増加を見込むほか、レジリエンスの強化や保安・安定供給の更なる維持向上のため、引き続き経年ガス管の取替や供給設備の保全・機能強化に取り組み営業費用が増加する見通し」
当期はLNG価格低下による原料費減少があったが、次期はLNG価格上昇等による原料費増加を見込む記載へ変化している。 - FY2026-H1MaterialisedAnnual report
「Operating expenses increased by ¥263 million from the same period of the previous year to ¥26,038 million. Although LNG prices remained lower than in the previous year, reducing raw material costs, depreciation and other expenses associated with the acquisition of Ojiya City's gas business increased.」
The decline in LNG prices from the previous year was reflected in lower raw material costs, while depreciation and other expenses associated with the acquisition of Ojiya City's business increased operating expenses. - FY2025-H1MaterialisedAnnual report
「Revenue decreased by ¥1,466 million from the same period of the previous year to ¥25,366 million due to a reduction in gas unit prices resulting from the raw material cost adjustment. Operating expenses decreased by ¥1,148 million to ¥25,774 million, as LNG prices remained lower than in the previous year, resulting in lower raw material costs.」
The reduction in gas unit prices resulting from the raw material cost adjustment contributed to the decline in revenue, while lower LNG prices were reflected in a ¥1,148 million year-on-year decrease in raw material costs. - FY2024MaterialisedAnnual report
「Operating expenses totaled ¥62,349 million, down 10.1% from the previous fiscal year, as raw material costs declined following a fall in LNG prices, which had risen sharply in the previous fiscal year, and a decrease in gas sales volumes.」
LNG prices fell during the current fiscal year after rising in the previous fiscal year, and the decline was reflected in operating expenses through lower raw material costs. - FY2024-Q3MaterialisedAnnual report
「Operating expenses decreased by ¥3,047 million from the same period of the previous year to ¥42,539 million, as raw material costs declined due to LNG prices remaining below the previous year's level and a decrease in gas sales volumes.」
The increase in raw material costs caused by rising LNG prices through the previous fiscal year reversed, and raw material costs decreased by ¥3,047 million year on year in the cumulative third quarter due in part to LNG prices falling below the previous year's level. The impact of raw material price fluctuations continued to be reflected in results. - FY2024-Q2MaterialisedAnnual report
「For the cumulative consolidated second quarter, the Company recorded an operating loss of ¥90 million, compared with operating profit of ¥118 million in the same period of the previous year.」
The increase in raw material costs resulting from higher LNG prices increased operating expenses and was reflected in the change in results from operating profit in the same period of the previous year to an operating loss. - FY2024-Q2MaterialisedAnnual report
「Operating expenses increased by ¥1,054 million from the same period of the previous year to ¥26,923 million. Although the Company worked to reduce expenses across its operations, raw material costs increased as LNG prices remained higher than in the previous year.」
The increase in raw material costs associated with higher LNG prices was reflected in a ¥1,054 million year-on-year increase in operating expenses and contributed to the operating loss. - FY2024-Q1MaterialisedAnnual report
「Operating expenses increased by ¥1,073 million from the same period of the previous year to ¥13,776 million, as LNG prices remained higher than in the previous year, resulting in higher raw material costs.」
The increase in raw material costs associated with higher LNG prices was reflected in a ¥1,073 million year-on-year increase in operating expenses. - FY2023MaterialisedAnnual report
「Operating expenses totaled ¥69,350 million, up 35.3% from the previous fiscal year, as raw material costs increased with the rise in LNG prices, despite efforts to reduce expenses across the Company's operations.」
The increase in raw material costs associated with higher LNG prices was reflected in results, with cost of sales up 60.8% and operating profit down 73.8% from the previous fiscal year. - FY2023-Q3MaterialisedAnnual report
「Operating expenses increased by ¥11,965 million from the same period of the previous year to ¥45,587 million. Although the Company worked to reduce expenses across its operations, raw material costs increased as LNG prices rose.」
The increase in raw material costs associated with higher LNG prices was reflected in a ¥11,965 million year-on-year increase in operating expenses, and the operating loss also widened from the same period of the previous year. - FY2023-Q2MaterialisedAnnual report
「Operating expenses increased by ¥5,509 million from the same period of the previous year to ¥25,868 million, due to higher raw material costs associated with the rise in LNG prices.」
The increase in raw material costs associated with higher LNG prices was reflected in a ¥5,509 million year-on-year increase in operating expenses. - FY2023-Q1MaterialisedAnnual report
「Operating expenses increased by ¥2,834 million from the same period of the previous year to ¥12,702 million, due to higher raw material costs associated with the rise in LNG prices.」
The increase in raw material costs associated with higher LNG prices increased operating expenses by ¥2,834 million year on year, and the impact of raw material price fluctuations was reflected in results. - FY2022-Q3MaterialisedAnnual report
「Operating expenses increased by ¥826 million from the same period of the previous year to ¥33,621 million. Although the Company worked to reduce expenses across its operations, raw material costs increased as LNG prices rose, despite decreases in cost of sales at consolidated subsidiaries and in expenses incurred at the outset of the previous year's acquisition of Mitsuke City's gas business.」
Although raw material costs remained at the previous year's level despite the upward trend in LNG prices in the previous quarter, the increase in raw material costs associated with higher LNG prices was reflected in higher operating expenses for the cumulative current quarter. - FY2022-Q2Raw material costs remain at the previous year's level despite the upward trend in LNG prices.Annual report
「Although recent LNG prices have been trending upward, raw material costs for the cumulative consolidated second quarter were at the previous year's level. In addition, lower cost of sales at consolidated subsidiaries and a decline in expenses incurred at the outset of the previous year's acquisition of Mitsuke City's gas business contributed to a ¥395 million year-on-year decrease in operating expenses to ¥20,358 million.」
Although recent LNG prices were said to be trending upward, raw material costs for the cumulative second quarter remained at the previous year's level, and the price increase was not reflected as an increase in raw material costs during the period. - FY2022-Q1MaterialisedAnnual report
「Operating expenses decreased by ¥377 million from the same period of the previous year to ¥9,868 million, due to lower raw material costs resulting from LNG prices falling below the previous year's level and a decline in expenses incurred at the outset of the previous year's acquisition of Mitsuke City's gas business.」
The decline in raw material costs resulting from the previous year's fall in LNG prices was reflected in a ¥377 million year-on-year decrease in operating expenses. - FY2021MaterialisedAnnual report
「Cost of sales decreased by 13.6% from the previous consolidated fiscal year to ¥26,171 million, despite an increase in gas sales volumes, because LNG prices remained low during the current consolidated fiscal year. Supply and sales expenses and general and administrative expenses increased by 1.3% to ¥19,921 million, due to increases in depreciation and other expenses associated with the acquisition of Mitsuke City's gas business.」
The decline in LNG prices was reflected in a 13.6% decrease in raw material costs and cost of sales, and the impact of raw material price fluctuations has continued. - FY2021-Q3MaterialisedAnnual report
「Meanwhile, operating expenses decreased by ¥3,168 million year on year to ¥32,847 million. Although depreciation and other expenses increased following the acquisition of the gas business of Mitsuke City, raw-material costs declined as LNG prices and gas sales volumes fell, and the Company worked to reduce expenses across all aspects of management.」
The decline in raw material costs associated with lower LNG prices reduced operating expenses and accounted for a ¥3,168 million year-on-year decrease in expenses. - FY2021-Q2MaterialisedAnnual report
「Meanwhile, operating expenses decreased by ¥2,504 million from the same period of the previous year to ¥20,787 million, despite increases in depreciation and other expenses associated with the acquisition of Mitsuke City's gas business, due to lower gas sales volumes and reduced raw material costs resulting from the decline in LNG prices.」
The decline in raw material costs associated with lower LNG prices reduced operating expenses, and the impact of raw material price fluctuations and raw material cost adjustments was reflected in results for the cumulative second quarter. - FY2021-Q1MaterialisedAnnual report
「Meanwhile, operating expenses decreased by ¥1,248 million from the same period of the previous year to ¥10,264 million, despite increases in depreciation and other expenses associated with the acquisition of Mitsuke City's gas business, due to lower gas sales volumes and reduced raw material costs resulting from the decline in LNG prices.」
The decline in LNG prices reduced raw material costs, which in turn reduced operating expenses and accounted for a ¥1,248 million year-on-year decrease in expenses. - FY2020MaterialisedAnnual report
「Operating expenses were limited to ¥50,009 million, up 0.5% year on year, as LNG prices trended lower during the consolidated fiscal year, expenses initially incurred when the Kashiwazaki City gas business was acquired in the previous fiscal year declined, and the company worked to reduce expenses across its operations.」
The downward trend in LNG prices affected operating expenses. The company states that the future impact of the spread of COVID-19 and the sharp decline in crude oil prices is difficult to estimate reasonably. - FY2020-Q3MaterialisedAnnual report
「In addition to higher raw material costs resulting from increased gas sales volumes and other factors, costs associated with replacing aging gas pipelines also increased, bringing operating expenses to ¥36,016 million. However, because LNG prices were trending downward during the cumulative third quarter of the consolidated fiscal year and costs incurred at the start of the previous year following the acquisition of the Kashiwazaki City gas business declined, the year-on-year increase in operating expenses was limited to ¥2,006 million.」
Higher gas sales volumes increased feedstock costs and drove operating expenses higher, while LNG prices were trending lower during the nine-month period, limiting the year-on-year increase in operating expenses to ¥2,006 million. The impact of feedstock price fluctuations continued to be reflected in results. - FY2020-Q2MaterialisedAnnual report
「Meanwhile, operating expenses totaled ¥23,292 million. In addition to higher feedstock costs due to gas sales volumes and LNG prices exceeding the previous-year levels, expenses related to the replacement of aged gas pipelines and other costs increased. However, because LNG prices were trending lower during the six-month period and expenses initially incurred when the Kashiwazaki City gas business was acquired in the previous year declined, the year-on-year increase in operating expenses was limited to ¥3,107 million.」
Higher LNG prices than in the previous-year period actually drove feedstock costs and operating expenses higher. The company also states that LNG prices were trending lower during the six-month period. - FY2020-Q1MaterialisedAnnual report
「Meanwhile, operating expenses increased by ¥1,663 million year on year to ¥11,512 million, as higher gas sales volumes and LNG prices increased feedstock costs, despite a decline in expenses initially incurred when the gas business in Kashiwazaki City was acquired in the previous year.」
The increase in feedstock costs resulting from higher LNG prices actually drove operating expenses higher, which increased ¥1,663 million year on year. - FY2019-Q3MaterialisedAnnual report
「Meanwhile, operating expenses increased by ¥4,222 million year on year to ¥34,009 million. In addition to higher gas sales volumes and LNG prices, raw-material costs increased, and various expenses associated with the acquisition of the gas business of Kashiwazaki City, including depreciation expenses in the Kashiwazaki area, also increased, despite the Company’s efforts to reduce expenses across all aspects of management.」
The increase in feedstock costs resulting from higher LNG prices was reflected in operating expenses. - FY2019-Q2MaterialisedAnnual report
「Meanwhile, operating expenses increased by ¥2,326 million year on year to ¥20,185 million. Although the Company worked to reduce expenses across all aspects of management, raw-material costs increased as gas sales volumes and LNG prices rose, while depreciation and other expenses increased following the acquisition of the gas business of Kashiwazaki City.」
The increase in feedstock costs resulting from higher LNG prices was reflected in operating expenses. Higher gas tariff rates following the fuel cost adjustment were also identified as a factor behind higher revenue. - FY2019-Q1MaterialisedAnnual report
「Meanwhile, operating expenses increased by ¥1,005 million year on year to ¥9,849 million. Although the Company worked to reduce expenses across all aspects of management, raw-material costs increased as gas sales volumes rose and LNG prices increased, while depreciation and other expenses increased following the acquisition of the gas business of Kashiwazaki City.」
The increase in feedstock costs resulting from higher LNG prices was reflected in first-quarter operating expenses. Higher gas tariff rates following the fuel cost adjustment were also identified as a factor behind higher revenue. - FY2018MaterialisedAnnual report
「Revenue for the consolidated fiscal year increased 8.3% year on year to ¥45,695 million, owing mainly to higher gas sales volumes and higher gas tariff rates following the fuel cost adjustment.」
Higher gas tariff rates following the fuel cost adjustment actually contributed to higher revenue during the year. The impact on results through feedstock prices and tariff adjustments emerged in the opposite direction from the previous year’s reductions. - FY2018-Q3MaterialisedAnnual report
「Meanwhile, operating expenses increased by ¥1,687 million year on year to ¥29,787 million. Although repairs and maintenance costs related to gas holders declined and the Company worked to reduce expenses across all aspects of management, raw-material costs and other expenses increased as gas sales volumes rose and LNG prices increased.」
The increase in feedstock costs resulting from higher LNG prices was reflected in operating expenses. Higher gas tariff rates following the fuel cost adjustment also contributed to higher revenue. - FY2018-Q2MaterialisedAnnual report
「Revenue for the first six months of the current fiscal year ended 30 September 2017 was ¥18,539 million, up ¥1,064 million from the same period of the previous year, due to increased gas sales volumes resulting from lower temperatures in early spring and summer and higher operating rates at customer facilities, as well as higher gas unit prices associated with the raw material cost adjustment.」
Higher gas tariff rates following the fuel cost adjustment actually affected revenue during the six-month period. Although the impact was in the opposite direction from the tariff reductions through the previous fiscal year, the channel through which feedstock prices and tariff adjustments affect results continues to be evident. - FY2017WorsenedAnnual report
「If there is a significant divergence between the LNG price used as an index for the LNG vaporized gas purchased by the company and the LNG price used as an index in setting gas tariffs, results may be affected.」
In addition to the time lag associated with fluctuations in foreign exchange rates, crude oil and LNG prices and the adjustment system, the company has identified a new impact route arising from the divergence between purchased LNG prices and the tariff calculation index. In terms of actual results, revenue decreased 8.1% year on year due to lower tariff rates under the fuel cost adjustment system. - FY2017-Q3MaterialisedAnnual report
「Meanwhile, operating expenses decreased by ¥2,741 million year on year to ¥28,095 million, mainly because raw-material costs declined as LNG prices fell and because the Company worked to reduce expenses across all aspects of management.」
In addition to lower feedstock costs resulting from the decline in LNG prices, the reduction in gas tariff rates under the fuel cost adjustment system actually affected expenses and revenue during the nine-month period. - FY2017-Q2MaterialisedAnnual report
「Meanwhile, operating expenses decreased by ¥2,222 million year on year to ¥17,250 million, mainly because raw-material costs declined as gas sales volumes and LNG prices fell, and because the Company worked to reduce expenses across all aspects of management.」
The decline in LNG prices reduced feedstock costs, which was reflected in operating expenses. The company also identifies the reduction in gas tariff rates under the fuel cost adjustment system as a factor behind lower revenue. - FY2017-Q1MaterialisedAnnual report
「Meanwhile, operating expenses decreased by ¥1,218 million year on year to ¥8,804 million, mainly because feedstock costs declined as gas sales volumes decreased and LNG prices fell.」
The decline in LNG prices and the reduction in gas tariff rates under the fuel cost adjustment system affected sales and expenses during the quarter. Revenue decreased ¥1,466 million year on year, while operating profit decreased ¥248 million. - FY2016MaterialisedAnnual report
「Gas feedstock prices are affected by fluctuations in external factors such as foreign exchange rates and crude oil prices. The fuel cost adjustment system allows changes in feedstock prices to be reflected in gas sales prices, but the time lag may cause the impact to extend across fiscal year-ends.」
The company explains that the decline in crude oil prices reduced feedstock costs during the year, while gas tariff rates were reduced under the fuel cost adjustment system, affecting results.