- Japan making more plutonium despite huge stockpile
TOKYO – Last year's tsunami crisis left Japan's nuclear future in doubt and its reactors idled, rendering its huge stockpile of plutonium useless for now. So, the nuclear industry's plan to produce even more this year has raised a red flag.
See all stories on this topic »Japan to make more plutonium despite big stockpile
The Associated Press
By ERIC TALMADGE, AP – 1 minute ago TOKYO (AP) — Last year's tsunami disaster in Japan clouded the nation's nuclear future, idled its reactors and rendered its huge stockpile of plutonium useless for now. So, the industry's plan to produce even more ...
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Former Japanese leader: 'I felt fear' during nuclear crisis
By Kyung Lah, CNN Tokyo (CNN) -- Former Japanese Prime Minister Naoto Kan said he was overwhelmed and afraid during last year's nuclear meltdown at the Fukushima Daiichi plant, acknowledging that little has been done since then to ensure that another ...
Tsunehisa Katsumata, who will resign as chairman of Tokyo Electric Power Co., will stay on as a part-time director at Japan Atomic Power Co. (Asahi Shimbun file photo)Japan Atomic Power Co. reported 8.9 billion yen ($112 million) in operating profits for fiscal 2011, despite a 94-percent plunge in the volume of electricity it sold to regional utilities.
Japan to provide $12.5 billion to operator of tsunami-ravaged nuclear plant
TOKYO — Japan's government has decided to provide 1 trillion yen ($12.5 billion) to the operator of a tsunami-devastated nuclear plant and put it under temporary state control to help it cope with the disaster's aftermath.
Japan to take over Tepco after Fukushima disaster
TOKYO |(Reuters) - Tokyo Electric Power Co (9501.T), Japan's biggest utility and the owner of the devastated Fukushima nuclear plant, will be taken over by the government after the country's trade minister on Wednesday approved a $12.5 billion capital injection.
The takeover, the details of which have widely reported in recent months, will avert the collapse of Tepco, the supplier of power to almost 45 million people in and around Tokyo.
The injection of 1 trillion yen ($12.5 billion) into Tepco brings the total government support for the company to at least 3.5 trillion yen since the meltdown at Fukushima in March last year. The eventual cost of the nuclear disaster, including compensation and clean-up costs, has been estimated at more than $100 billion.
"Without the state funds, (Tepco) cannot provide a stable supply of electricity and pay for compensation and decommissioning costs," Trade and Industry Minister Yukio Edano said after approving a turnaround plan from the utility that paves the way for an effective takeover.
Tepco lodged a formal request for government support last month after months of dragging its feet for months as it has sought to avoid losing control.
The government will have more than half of Tepco's voting shares, according to the plan approved by Edano. It will also take convertible stock that, when converted, will increase the government's control to more than two-thirds.
Tepco Chairman Tsunehisa Katsumata will be replaced by an official in the government's bailout body, and a new president was announced this week, the second since the disaster.
The takeover allows the government to push though reforms at the utility, which downplayed the risks of earthquakes and tsunamis at its nuclear stations and covered up safety lapses.
The disaster at Tepco's Fukushima Daiichi plant north of Tokyo after an earthquake and tsunami in March last year has led to the closure of all of Japan's nuclear plants for safety checks and has saddled the country with billions of dollars of extra costs for running thermal power stations.
The worst nuclear crisis since Chernobyl in 1986 spread radiation over a wide area and forced tens of thousands from their homes as well as damaging farming, forestry and fishing businesses.
(Reporting by Yoko Kubota; Writing by Aaron Sheldrick; Editing by Chris Gallagher and Jane Baird)