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information about Fukushima published in English in Japanese media info publiée en anglais dans la presse japonaise

Reorganisation of TEPCO

April 19, 2012


TEPCO to draw up renewal plan under new chairman


The government's search for a new head of an ailing utility has finally come to an end. It is set to name a lawyer as the chairman of the Tokyo Electric Power Company, to which it plans to inject more than 10 billion dollars in public funds.

The government has decided to appoint to the post Kazuhiko Shimokobe, a former vice president of the Japan Federation of Bar Associations.

After the Fukushima Daiichi accident, Shimokobe was posted as the chair of the government-backed nuclear compensation fund. He has also headed a third-party panel investigating the utility's management and finances.

Shimokobe will replace Tsunehisa Katsumata, the current chairman of the firm at the company's next shareholders meeting.

Tokyo Electric and the compensation fund is now set to draw up under its new chairman a business turnaround plan, which was to have been submitted by the end of March.

Creation of the plan has been delayed by difficulties in finding a new person to lead the company, given its hard situation.

The turnaround plan calls for the injection of about 12 billion dollars in public funds to boost the firm's capital base. The government will hold a maximum two-thirds of voting rights.

The plan is also expected to call for an electricity rate hike of about 10 percent for households.

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