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

Restructuring TEPCO

May 9, 2012


Government approves TEPCO's restructuring plan



The Japanese government has approved a restructuring plan for the Tokyo Electric Power Company, or TEPCO, to cover the huge expenses from the Fukushima nuclear plant accident.

Industry minister Yukio Edano conveyed the decision on Wednesday to TEPCO's outgoing President Toshio Nishizawa and Kazuhiko Shimokobe, who was recently chosen to be the next Chairman of the utility. Shimokobe currently chairs the steering committee of a state-backed nuclear compensation fund.

The plan, submitted by TEPCO and the state-backed fund on April 27th, is to put the company effectively under state control after its general shareholders' meeting in June.

The plan calls for the government to inject about 12.5 billion dollars in taxpayer's money for it to hold a majority stake.

The government will also extend about 10.7 billion dollars more to help TEPCO pay compensation to those affected by the accident.

To rebuild its finances, TEPCO says it will ask the government to approve a 10.28-percent increase in household electricity fees.

The utility has also proposed a new rate plan geared to encourage energy-saving by raising part of summer daytime rates while lowering them for night use.

The plan is expected to help TEPCO avoid liabilities exceeding assets from the costs of compensation and the decommissioning of the Fukushima reactors.



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