nuclear-news

Japanese government considers taking over the Fukushima radiation cleanup

Japan LDP Plan Would Put Government in Control of Fukushima Cleanup, WSJ,  Proposal Would Reduce Tepco’s Financial Burden By  MARI IWATA, 20 Sept 13 TOKYO—Japan’s ruling Liberal Democratic Party is considering a plan that would give the government sole responsibility for containing and cleaning up contamination from the stricken Fukushima Daiichi nuclear-power plant, allowing its operator, Tokyo Electric Power Co., 9501.TO -2.28% to focus its dwindling resources more efficiently on decommissioning the facility……..

The government had already effectively nationalized Tepco by buying a majority of its shares, but the stock still trades on the Tokyo Stock Exchange, and Prime Minister Shinzo Abe’s administration is eager to see the cash-strapped company return to financial health, a significant challenge, given lost revenue from the idling of all of the company’s nuclear reactors, as well as the costs of the cleanup and purchasing of more liquefied natural gas than before the accident to fuel thermal-power plants to make up for lost nuclear generation.

Tepco has posted two straight years of large net losses since the accident. It swung to a profit in the April-June quarter, solely on the back of a large government subsidy to help it pay compensation to Fukushima victims but it carries Y800 billion ($8.14 billion) in debt that should be refinanced this fall. On top of that, Tepco estimates it must borrow an additional Y300 billion by the end of December if it wants to stay afloat, a spokesman said……..

September 21, 2013 - Posted by Christina Macpherson | decommission reactor, Japan, politics