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TEPCO, Japan’s largest utility, likely to go broke

Fukushima payouts could pull the plug on TEPCO, After $7.4bn quarterly loss and $15bn loss for the year, future is now uncertain for Asia’s largest utility. Aljazeera: 09 Aug 2011  , Tokyo Electric Power Co, the operator of Fukushima nuclear plant, has announced a $7.4bn quarterly loss mostly due to a massive provision to compensate victims of this year’s meltdown.

The March disaster at the Fukushima complex in northeast Japan spawned the world’s worst nuclear crisis since Chernobyl and has put the existence of Asia’s largest utility, known as TEPCO, in doubt.

Tepco said it has earmarked $5.1bn to compensate the victims of the crisis, who include about 80,000 people
evacuated from areas surrounding the Fukushima plant, 240km north of Tokyo.

Even before the pay-out began, Tepco posted a $15 billion net loss for the year to March 31, Japan’s biggest non-financial loss, according to Reuters news agency…..

 Another factor crimping TEPCO’s bottom-line is a new trend with Japanese companies of cutting back on electricity consumption by 15 per cent because of possible power shortages caused by the Fukushima problems…http://english.aljazeera.net/news/asia-pacific/2011/08/2011899315473309.html

August 11, 2011 - Posted by | business and costs, Japan

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