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article imageTEPCO now under Japan state control in 1 trillion yen bailout

By Anne Sewell     Jul 31, 2012 in World
Tokyo - The Japanese company that operated Fukushima received a trillion Yen ($12.8 billion) bailout today, effectively putting the company under government control.
Tokyo Electric Power Co.. (TEPCO) operated the Fukushima Daiichi nuclear power plant, involved in last year's nuclear disaster.
Now according to AP, the company faces massive compensation demands from those forced to evacuate, and those whose land and products were contaminated by radiation. TEPCO must also shoulder the cost of decommissioning the three reactors at Fukushima Daiichi nuclear power station, that went into meltdown.
Due to the expense involved, TEPCO today received a trillion Yen ($12.8 billion) bailout from the Japanese government.
President Naomi Hirose said in a statement today that the company, which supplies electricity to around 30 million customers in the Tokyo metropolitan area, is under “temporary public control” as the government-backed Nuclear Damage Liability Facilitation Fund obtained preferential shares.
TEPCO apologized for the “inconvenience and anxiety” caused by the disaster at the Fukushima Daiichi nuclear plant, and also for the subsequent hike in electricity rates.
Hirose said, “We are sorry and take very seriously” that taxpayers will have to bear the costs of the capital infusion. “We will do our best to become ‘a newborn Tepco.’”
More about fukushima, Disaster, TEPCO, Japan, Bailout
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