TEPCO posts $10bn loss on Fukushima claims

Results take Japanese utility giant's losses to more than $25bn since tsunami and earthquake-triggered nuclear crisis.

    TEPCO posts $10bn loss on Fukushima claims
    Following the fallout from the Fukushima nuclear disaster, TEPCO idled all its atomic plants [Reuters]

    Japan's Tokyo Electric Power Co has announced an annual loss of nearly $10bn following compensation claims over a nuclear disaster triggered by the country's devastating earthquake and tsunami.

    Monday's announcement saw Japan's largest utility, known as TEPCO, post a net loss of $9.8bn for the year to March 31 as a result of compensation claims that nearly drove the company to bankruptcy and soaring fuel costs following the suspension of all atomic plants.

    The latest results take the company's total losses to more than $25bn since the March 2011 tsunami and earthquake caused reactors to meltdown at its Fukushima plant.

    TEPCO is set to be taken over by the government in exchange for a $12.5bn capital injection.

    The public fund injection will bring total government support for the company to at least $43.7bn since the radiation crisis began.

    TEPCO, which provides power to almost 45 million people in and around Tokyo, forecast a net loss of $1.25bn for the year through to March 2013.

    The utility said it planned to make itself profitable again in the year to March 2014.

    The Fukushima crisis has led to the closure of all of the country's nuclear stations as reactors shut down for scheduled maintenance have stayed shut because of safety concerns.

    That forced TEPCO and other utilities to generate electricity using thermal fuel, sending their costs rising.

    SOURCE: Agencies


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