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Restart of world's largest nuclear plant delayed in Japan

The owner had $27 billion in losses after the 2011 meltdown at its Fukushima Daiichi nuclear power plant.
By Ed Adamczyk   |   July 3, 2014 at 11:31 AM  |  Updated July 3, 2014 at 11:58 AM   |   Comments

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TOKYO , July 3 (UPI) -- The world's largest nuclear power plant in Kashiwazaki, Japan, has been shut down to address safety issues and will not restart this year, its owner announced Wednesday.

Tokyo Electric Power Co. owners and operators of several nuclear power plants in Japan -- including the Fukushima Daiichi nuclear power plant struck by a 2011 meltdown -- had hoped to restart two of the seven reactors at Kashiwazaki by July.

Power production from the facility, located 180 miles northwest of Tokyo, was integral to TEPCO's plan to generate cash after spending heavily to contain radiation at Fukushima. The company lost over $27 billion in the three years after the 2011 meltdown, but made a profit in 2013 through budget cuts and government support. It noted $1 billion per month could be saved by operating all seven of Kashiwazaki's reactors.

The company informed lenders in 2013 it would either raise electricity rates or restart the Kashiwazaki plant; the Japanese government advised the company not to raise rates to consumers.

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