The Troubles of TEPCO; Power in Japan  

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Jenis: Article from Bulletin/Magazine
Dalam koleksi: The Economist (http://search.proquest.com/) vol. 400 no. 8740 (Jul. 2011), page 55-56.
Topik: Japan; Fukushima Nuclear Disaster; Nuclear Plant; Radioactive; Company

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The fallout from the Fukushima nuclear disaster is spreading throughout Japan's energy industry "Throw yourself into a nuclear reactor and die!" one investor shouted. Japanese shareholders are usually more polite, but this was the annual meeting of TEPCO, the Japanese power company that owns the Fukushima nuclear plant. Since an earthquake in March caused a meltdown, TEPCO faces unlimited demands for compensation. Its shares have fallen by nearly 90% (see chart). A man at the meeting on June 28th suggested that the board take responsibility by committing seppuku, or ritual suicide. Not everything went wrong for TEPCO. A shareholder motion to close all its nuclear plants was defeated. But apart from that, things look grim. TEPCO faces claims for compensation that, in a worst-case scenario, could exceed its assets of {Yen}15 trillion ($186 billion). No one knows how much it will have to pay. (Oddly, it is the education ministry's job to issue guidelines for nuclear compensation.) Estimates of TEPCO's liabilities range between {Yen}4 trillion and {Yen}25 trillion. The firm also owes {Yen}7.8 trillion to bondholders and bank creditors. If TEPCO goes bust, these people take precedence over those affected by the disaster, a fact that is politically radioactive.

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