TEPCO asks for $9 bln in Fukushima aid to effectively put utility under state management and avoid negative net worth on April-September balance sheet

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Tokyo Electric Power Company will ask for at least 700 billion yen ($9.1 billion) in a first tranche of state aid to help cover compensation for the Fukushima nuclear disaster, reports said Tuesday.

TEPCO is seeking to receive the first disbursement from a government-backed aid institution, the Nikkei daily reported. The funds would see TEPCO avoid falling into negative net worth on its April-September balance sheet, it said.

It would also result in stronger government oversight and effectively put the utility under state management, the Nikkei reported.

The Yomiuri daily reported that TEPCO’s request could reach as much as one trillion yen to cover funds needed through to March 2012, the end of its current fiscal year.

TEPCO officials did not immediately confirm the reports when contacted by AFP.

 

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A government panel earlier this month said that TEPCO would have to cut 7,400 jobs and slash costs by $33 billion over the next 10 years to help pay damages for the nuclear accident.

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Source: www.nuclearpowerdaily.com, via Twitter search for TEPCO
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