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.
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.
- TEPCO Releases Photos of Mountains of Radioactive Gear Piled in Bags (enformable.com)
- Photos Show Ground Incapable of Supporting Equipment – TEPCO Attempting To Trap Radiation Underground With Metal Plates (enformable.com)
- TEPCO Blacks Out Critical Information on Fukushima Severe Accident Report (enformable.com)
- TEPCO Forced to Re-Evaluate Compensation Forms After Being Overwhelmed by Complaints (enformable.com)
- Japan faces many hurdles before government can safely declare Fukushima Reactors in Cold Shutdown (enformable.com)
- Edano warns TEPCO gov’t aid is for compensation payments not protecting creditors (enformable.com)