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Tokyo (AFP) April 1, 2011 Japan may inject tax money into troubled Tokyo Electric Power Co (TEPCO) to ensure the company stays afloat while grappling with the nation's worst ever nuclear disaster, local media said Friday. The government's top spokesman said that while no definitive decision had been made yet, it could end up spending tax money to bolster the firm given the need to secure a stable power supply. "It's not an option we've ruled out so far," Yukio Edano told a regular press briefing, responding to media reports stating that a fund injection was under consideration. TEPCO operates the Fukushima Daiichi plant, which was heavily damaged by the March 11 earthquake and tsunami, and is leaking radiation, forcing evacuation of nearby residents and contaminating farm soils, food products and livestock. Without government help, TEPCO might not be able to handle the likely massive litigation cost and compensation claims, while at the same time ensuring a steady electricity supply, the Mainichi Shimbun said. "The government will put some money (in TEPCO) in order to get involved" in the management, but without nationalising the company, a senior government official told the newspaper. The government will soon launch a special team to discuss financial aid for TEPCO, said industry minister Banri Kaieda, adding Japan will have to review its energy policy, including the extent of its reliance on nuclear power. TEPCO vice president Takashi Fujimoto said his firm was busy containing the nuclear accident and had not held internal discussions about asking for government help. On Wednesday TEPCO said it had secured two trillion yen ($24 billion) in bank loans but warned this would not be enough to keep the company running given the financial strain caused by the crisis at the plant. One of the world's biggest power companies, TEPCO boasts 44.6 million customers -- more than one third of the population of Japan -- in the Kanto region of the main island of Honshu, including Tokyo. It is expected to see massive losses and expanding costs to contain the nuclear crisis, to repair damaged thermal plants and to run remaining power plants while fuel prices rise, the Mainichi said. Rating agency Moody's on Thursday downgraded TEPCO by three notches, citing "significant financial obligations" faced by the company, including possible compensation liabilities.
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German energy giant sues governmentBerlin (AFP) April 1, 2011 German energy giant RWE filed Friday a legal challenge to the government's order to shut down temporarily the country's seven oldest nuclear reactors in light of the Fukushima crisis in Japan. "German nuclear power stations fulfill current safety norms. There is no legal basis for shutting them down. This step is to protect the interests of our shareholders," RWE said in a statement. It ... read more |
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