nuclear-news

Japan’s government to nationalise Tepco nuclear company, to save it from bankruptcy

Japan to nationalise nuclear plant operator http://www.abc.net.au/news/2012-05-10/japan-nuclear-plan-to-save-tepco/4002972 By North Asia correspondent Mark Willacy May 10, 2012 Japan’s government will effectively nationalise TEPCO, the operator of the crippled Fukushima nuclear plant, as part of a $12 billion restructuring plan.

TEPCO is facing massive clean-up bills and compensation claims.  By injecting the funds into TEPCO to save it from bankruptcy, the Japanese government will also take a controlling stake in the operator of the Fukushima plant.

Announcing the plan, Japan’s industry minister, Yukio Edano, demanded that TEPCO rid itself of its secretive and complacent corporate culture.

The deal will also see TEPCO’s creditor banks extend fresh loans to the company and, effectively, the nationalisation one of the world’s largest utilities companies.

May 10, 2012 - Posted by Christina Macpherson | Japan, politics