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Japanese government pays up big to keep TEPCO nuclear utility afloat

TEPCO gets 120 bil. yen as government insurance over nuclear crisis Mainichi Daily News, 23 Nov 11 TOKYO (Kyodo) — Tokyo Electric Power Co., operator of the crisis-stricken Fukushima Daiichi power plant, said Tuesday it has received 120 billion yen from the government under an existing insurance program for nuclear accidents.

The funds will be used by the company to pay massive compensation to people and companies affected by the world’s worst nuclear accident in 25 years. The utility, known as TEPCO, has separately received 558.7 billion yen from a state-backed funding entity.

TEPCO submitted a request on Oct. 24 for the payment of 120 billion yen, the maximum compensation amount set by a contract between the government and TEPCO for an accident at one nuclear power plant…. http://mdn.mainichi.jp/mdnnews/news/20111123p2g00m0bu031000c.html

November 24, 2011 - Posted by | Japan, politics

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