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Tepco asks Japan’s government for additional 6 billion pounds

Fukushima nuclear disaster firm asks for extra £6bn to compensate victims Tokyo Electric Power Co fears de facto nationalisation as costs mount, guardian.co.uk,   27 December Tokyo Electric Power Co – the vast Japanese energy business that owns and operated the Fukushima nuclear power plant – has asked a government-backed bailout body for an additional £6bn to help compensate victims of the nuclear crisis that followed the March tsunami.

Japan‘s biggest utility, known as Tepco, faces costs of trillions of yen for compensation and cleanup, and the Japanese government agreed only two months ago to provide £7bn through a bailout fund.

But yesterday, In a statement, Tepco said: “We have reviewed the estimated sum of compensation after the committee addressing compensation disputes decided on additional measures to compensate victims who voluntarily evacuated.”

Tepco was told by an advisory panel in October it can expect to face bills for about ¥4.5tn (£37bn) in compensation in the first two years after the crisis,….. Trade minister Yukio Edano, who oversees energy policy, is expected to approve Tuesday’s request as early as January.

The crisis has prompted the government to review its energy policy and Edano is preparing to announce an agenda for debating reform of electricity supply which is likely to include separation of power generation and transmission, allowing smaller players to enter the energy business. http://www.guardian.co.uk/business/2011/dec/27/fukushima-nuclear-disaster-firm-bailout

December 28, 2011 - Posted by | business and costs, Japan

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