nuclear-news

Shareholders will propose shutdown of japan’s nuclear power

All of the proposals being submitted are expected to be rejected because large stakes are held by financial institutions, which are expected to vote along the lines of company management. Approval of two-thirds of shareholders with voting rights who attend the meetings is needed in order to pass any proposal.

Utilities face shareholders’ proposals to get rid of nuclear power,http://ajw.asahi.com/article/economy/business/AJ201306220057 Asahi Shimbun,  By TAKASHI EBUCHI/ Staff Writer June 22, 2013

Shareholders of eight of the nine utilities that operate nuclear power plants will present proposals at shareholders’ meetings next week urging the companies to abandon nuclear power.

But with the Abe administration clearly in favor of nuclear power, the utilities are all expected to reject the proposals and press ahead with plans to restart reactors currently offline.
All of Japan’s electric power companies will hold their annual shareholders’ meetings on June 26.

Similar proposals were made at last year’s meetings for seven of the utilities, which all rejected the proposals.

This year, every utility except Hokuriku Electric Power Co. has
received requests from shareholders to end nuclear plant operations.

Kansai Electric Power Co. has received a request from the Osaka
municipal government, its leading shareholder, to suspend operations
at all plants as quickly as possible.

Tokyo Electric Power Co. has received a request from 348 individual
shareholders to decommission the Fukushima No. 2 nuclear power plant
and the Kashiwazaki-Kariwa plant in Niigata Prefecture.

The Tokyo metropolitan government, which holds a 1.2 percent stake in
TEPCO, asked for greater transparency by showing the balance sheets
for each power plant.

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Electric Power Co. and Kansai Electric are being asked to end support
and contributions of capital to Japan Atomic Power Co., which has
three nuclear reactors. In addition to capital contributions from the
utilities, Japan Atomic Power also has received guarantees from those
companies for about 100 billion yen ($1 billion) in loans.

However, there are no indications for when, or even if, Japan Atomic
Power will be able to resume operations at its reactors. An active
fault has been found directly under the building of the No. 2 reactor
at the Tsuruga plant, meaning that reactor will likely never go back
online.

All of the proposals being submitted are expected to be rejected because large stakes are held by financial institutions, which are expected to vote along the lines of company management. Approval of two-thirds of shareholders with voting rights who attend the meetings is needed in order to pass any proposal.

June 24, 2013 - Posted by Christina Macpherson | business and costs, Japan