Tokyo Electric Power Company's plan to raise power prices faced opposition at a public hearing on Thursday.

President Nagasaki Momoko of the company's subsidiary TEPCO Energy Partner said at the meeting in Tokyo that the utility's cost-cutting and other streamlining efforts are not enough to turn around its finances amid surging resource prices.

In January, TEPCO applied to the government for an increase of 29.3 percent on average in prices for household users.

But the utility last month lowered the rate of proposed increase to 17.6 percent after it was told by the industry ministry to recalculate in view of recent falling fuel prices.

At Thursday's hearing, seven attendees spoke about TEPCO's plan. Some expressed opposition and skepticism.

One said price hikes could have a huge impact on consumers and businesses. Pointing out possible declines in fuel prices, another asked the utility to explain why it thinks such prices will keep rising and the yen's lower exchange rates will continue.

Tokyo Electric is among seven major power companies that have applied for price hikes. The industry ministry's panel is examining their applications. Industry minister Nishimura Yasutoshi is to make a decision after consulting the Consumer Affairs Agency.