Japan to take control of TEPCO—media
More News from Agence France-Presse
TOKYO – The Japanese government will take a controlling stake in the operator of the Fukushima nuclear plant, media reported Wednesday, effectively nationalising one of the world’s largest utilities.
Tokyo will inject one trillion yen ($12 billion) as part of a 10-year restructuring plan aimed at preventing the massive regional power monopoly from going bankrupt, Kyodo said.
Tokyo Electric Power, which is facing a huge clean-up bill for the disaster at Fukushima, along with colossal compensation claims from those affected, will come under “temporary state control”, the agency said.
TEPCO submitted its turnaround plan to the government earlier this month through a state-backed bailout fund, and ministers meeting on Wednesday gave the green light.
“In reality, it is difficult for TEPCO to fulfill its required responsibility by depending only on its own efforts,” the restructuring plan said, according to Kyodo.
“There is a need to seek cooperation of all levels of people and join the forces of all parties concerned based on the awareness that we are facing a national challenge.”
Get Inquirer updates while on the go, add us on these apps:
Disclaimer: The comments uploaded on this site do not necessarily represent or reflect the views of management and owner of INQUIRER.net. We reserve the right to exclude comments that we deem to be inconsistent with our editorial standards.
To subscribe to the Philippine Daily Inquirer newspaper in the Philippines, call +63 2 896-6000 for Metro Manila and Metro Cebu or email your subscription request here.
Factual errors? Contact the Philippine Daily Inquirer's day desk. Believe this article violates journalistic ethics? Contact the Inquirer's Reader's Advocate. Or write The Readers' Advocate:
c/o Philippine Daily Inquirer Chino Roces Avenue corner Yague and Mascardo Streets, Makati City,Metro Manila, Philippines Or fax nos. +63 2 8974793 to 94