Tepco to seek trillions in Japanese aid

Oct. 19, 2011 at 8:00 AM
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TOKYO, Oct. 19 (UPI) -- Tokyo Electric Power Co. said it will ask the Japanese government to help cover compensation payouts from accidents at the Fukushima nuclear power plant.

Officials said Tepco plans to include the request for up to 1 billion yen (about $13 trillion) in an emergency special operating plan to be developed by the utility and the government early next month, The Yomiuri Shimbun reported Wednesday.

Compensation payments could cost Tepco 4.5 trillion yen ($58.6 trillion) during a two-year period, officials said. Company officials said they plan to seek financial assistance of up to 1 trillion yen for compensation that must be paid this fiscal year.

The company's Fukushima No. 1 nuclear power plant was crippled by the monster 9-magnitude earthquake and tsunami that struck March 11.

To get the financial aid from the government, sources told Yomiuri Shimbun the utility said it would delay significant rate increases and would push back the restart of its Kashiwazaki Kariwa nuclear power plant in Niigata prefecture to next fiscal year.

The emergency plan is being drawn up by the utility and Japan's Nuclear Damage Liability Facilitation Fund will be sent to Economy, Trade and Industry Minister Yukio Edano for approval in November.

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