TEPCO submits new restructuring plan to Nuclear Damage Liability Facilitation Fund

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Tokyo Electric submitted a new 10 year restructuring plan to the Nuclear Damage Liability Facilitation Fund on Tuesday which eyes the creation of a special decommissioning unit to manage the work at the crippled Fukushima Daiichi nuclear power plant.

The plan, which was approved by TEPCO’s board, proposes the creation of a holding company which is split into several subdivisions each dedicated to specific tasks; as well as the restart of two reactors at the Kashiwazaki-Kariwa nuclear power plant in Niigata Prefecture.

The government is expected to rule on the plan next month.

Under its current structure, TEPCO is unlikely to raise money through bond markets due to poor credit and high risk.  If TEPCO were unable to restructure and forced to go under, it would greatly impact many of its lenders.

Almost three years after the March 11th disaster in Japan, the final costs of decommissioning the reactors at Fukushima Daiichi and cleaning up the site and residential land contaminated by radioactive materials are still unknown.

The Environment Ministry of Japan announced on Thursday that the decontamination of some evacuated areas will be delayed by at least three years. The original plan called for work to be finished by March of 2014, but the new estimates say operations will not be completed until 2017 at the earliest.

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