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TEPCO, despite financial woes, still thinking to make donations

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March 30, 2019
Saddled with massive outlays following the 2011 Fukushima nuclear disaster, the parent company of Tokyo Electric Power Co. is only able to keep going through the injection of public funds.
Yet, it has emerged the company now feels it is in a position to donate about 200 million yen ($1.8 million) to a village in Aomori Prefecture through a special tax program that allows firms making payments to receive a corporate tax break.
The donations would underwrite the cost of three projects totaling 800 million yen that the village of Higashidori hopes will revitalize its economy. One program is for branding local farm and fishery products.
TEPCO gained approval in January 2011 to construct a nuclear power plant in Higashidori, and the initial plan was to begin operations in March 2017.
But the Great East Japan Earthquake and tsunami that triggered the disaster at the Fukushima No. 1 nuclear power plant led to an indefinite postponement of construction work. The village had anticipated property tax revenues after the nuclear plant was constructed, but has had to undertake stiff fiscal belt-tightening instead. A number of inns in the village have since closed.
TEPCO Holdings on March 29 proposed the donation for fiscal 2018 to the village and also indicated it was prepared to make another donation for fiscal 2019.
Its largesse is at odds with the fact that TEPCO is effectively under state control, given the huge amounts of public funds pumped into the utility to keep it afloat.
It also faces crippling costs in decommissioning the stricken Fukushima plant and compensating victims of the nuclear accident.
Given the situation, eyebrows will likely be raised if donations are made to local municipalities that play host to nuclear plants seeking to resume operations or serve as candidate sites for new plants.
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March 31, 2019 Posted by | Japan | , , | Leave a comment

Tohoku Electric says donation not a payoff for idle nuclear plant

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Tohoku Electric Power Co.’s Higashidori nuclear power plant in Aomori Prefecture, which has been idled since the 2011 Fukushima nuclear disater
March 20, 2019
Tohoku Electric Power Co. plans to give an estimated 400 million yen ($3.58 million) to a village that hosts one of its nuclear power plants, but denies it is compensation for losses stemming from the facility’s suspension since the 2011 Fukushima nuclear disaster.
The utility said March 19 it will make a donation to Higashidori, Aomori Prefecture, where its Higashidori nuclear power plant is located, through a corporate version of the “furusato nozei” (hometown tax payment) system.
The company did not disclose the amount, but only said it wants to donate “about half” the maximum amount that the village is allowed to receive under this system. The ceiling for the village is about 800 million yen.
 
… Satoshi Shimoyashiki, vice manager of Tohoku Electric’s Aomori branch, rejected the notion that the donation was meant as compensation for such economic losses and emphasized that it is being made as “part of corporate social responsibility (CSR).”
“We decided to provide this form of cooperation because co-prosperity with local communities has been part of our management philosophy since the founding of our company,” Shimoyashiki told reporters at the Aomori prefectural government building.
“We believe that Tohoku Electric decided to support the village’s regional revitalization projects,” said Higashidori Mayor Yasuo Echizen….
 
… The furusato nozei system allows individuals to divert part of their local tax payment to a local government of their choice. In return, many of those governments send local specialties to donors.
Its corporate version allows companies to reduce their corporate and other tax payments if they donate to projects of local governments.
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March 25, 2019 Posted by | Japan | , | Leave a comment

TEPCO aims to build more Fukushima-type nuclear reactors, vows to ‘excel in safety’ this time

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Fukushima Daiichi nuclear power plant
1 Jul, 2018
TEPCO is conducting an independent geological survey to confirm the absence of active faults in Aomori Prefecture, where it wants to resume the construction of a Fukushima-type nuclear plant, frozen following the 2011 disaster.
“It’s necessary to form a consortium for building a nuclear plant that is excellent in safety, technology and economy,” TEPCO President Tomoaki Kobayakawa said in Tokyo, announcing the decision to conduct a survey of the Aomori Prefecture nuclear site.
The Higashidori Nuclear Power Plant hosts two adjoining sites administered by Tohoku Electric Power Company and Tokyo Electric Power Company (TEPCO). While Tohoku Unit 1 began commercial operations in December 2005, TEPCO never got a chance to finish their unit, the construction of which began only in January 2011. All activity at the site has ceased since the March 2011 Fukushima nuclear meltdown.
TEPCO’s survey, scheduled for completion by 2020, will check the fault structure under the site using a two-kilometer-long tunnel, Kobayakawa said on Friday. Previous studies of terrain beneath the area by the Nuclear Regulation Authority (NRA) found the likely presence of multiple active, seismogenic faults. However, both TEPCO and the Tohoku Electric Power Company decided to conduct further ‘independent’ investigations to review the validity of the NRA findings.
The energy company wants to build two reactors at the site and is exploring ways to meet the stricter government regulations introduced following the Fukushima disaster. Higashidori units, however, would still use the same type of boiling-water, light-water reactors that suffered meltdown at the Fukushima plant, Japan Times noted.
“As we restart the (Higashidori) project, I want to make sure that a new plant would excel in safety,” Kobayakawa told a press conference. “The geological survey is a very significant step to move forward on the joint development of Higashidori,” he noted, adding that TEPCO has asked major utility companies in the country to contribute to the construction and operation of the Higashidori plant.
Three of the Fukushima plant’s six reactors were hit by meltdowns in 2011, after a 9.0-magnitude earthquake and subsequent tsunami struck the facility, resulting in the world’s worst nuclear disaster since Chernobyl in 1986.

July 1, 2018 Posted by | Japan | , , | Leave a comment

Tepco and other utilities eye joint nuclear plant project in Aomori Prefecture

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Tokyo Electric Power Company Holdings Inc. and other major utilities will start talks this spring on jointly building and operating a nuclear power plant in northeastern Japan, sources close to the matter said Friday.
The plan involves Tepco’s Higashidori nuclear power plant in Aomori Prefecture, the construction of which was suspended following meltdowns at the firm’s Fukushima No. 1 power plant in March 2011. Tohoku Electric Power Co., Chubu Electric Power Co., and Japan Atomic Power Co. are expected to participate in the project, according to the sources.
Kansai Electric Power Co. is also considering joining a group to discuss the role of each utility and how to shoulder the huge costs related to the Higashidori plant, they said.
The government, which holds the majority of Tepco’s voting rights through a state-backed bailout fund, is expected to support the move.
Tepco, which began constructing the Higashidori plant in January 2011, hopes to compile a joint venture plan around fiscal 2020.
Struggling under the burden of huge compensation payments and plant decommissioning costs from the Fukushima nuclear crisis, Tepco is aiming to rebuild itself through realigning its nuclear business. The utility has been asking other power companies since late last year to join in with construction of the Higashidori plant.
Other utilities may benefit from the joint business as they can share know-how and resources through the initiative at a time when profitability is deteriorating, due to suspensions of nuclear power plants for tighter safety screening introduced after the Fukushima disaster.
Still, many utilities remain wary that teaming up with the crisis-hit Tepco could result in their share of plant decommissioning costs increasing in the future.

March 17, 2018 Posted by | Japan | , | Leave a comment