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Tepco seeks an extra $9bn in aid to pay compensation Tepco asked to consider temporary state control
(about 4 hours later)
Tokyo Electric Power Company (Tepco) has asked the government for an extra 690bn yen ($9bn; £5.6bn) to compensate victims of the nuclear crisis. Tokyo Electric Power Company (Tepco), which operates Japan's disaster-hit nuclear plant, has been asked to consider temporary state control.
The firm has already received $7.1bn in public funds, and reports suggest it may have to be nationalised. Energy minister Yukio Edano suggested it as one possible way to try to strengthen its financial position.
Japanese news agencies say the economy minister has urged Tepco to consider temporary state control. Tepco has also asked for an extra 690bn yen ($9bn; £5.6bn) to compensate victims of the nuclear crisis.
Tepco runs the disaster-struck nuclear plant at Fukushima Daiichi, and faces almost $100bn in compensation claims. The firm has already received $7.1bn in public funds. It faces claims and costs of almost $100bn.
The plant was damaged by the March tsunami and some 80,000 people had to be evacuated after a radiation leak. "Tepco's financial base must be fundamentally strengthened if it is to pull off the clean-up from the nuclear disaster without a hitch, decommissioning the reactors and compensating victims swiftly and in earnest," Mr Edano said.
"We have reviewed the estimated sum of compensation after the committee addressing compensation disputes decided on additional measures to compensate victims who voluntarily evacuated," Tepco said in a statement. During a meeting with Tepco president Toshio Nishizawa, he called on the power firm to "consider a comprehensive business plan without excluding any options, including temporary state control".
Tepco runs the disaster-struck nuclear plant at Fukushima Daiichi which was damaged by the March tsunami. Some 80,000 people had to be evacuated after a radiation leak.
Nationalisation?Nationalisation?
Tepco provides almost one-third of Japan's electricity, and powers some of the most economically important areas of the country. A failure of the company is likely to have disastrous consequences. Tepco provides almost one-third of Japan's electricity, and powers some of the most economically important areas of the country. A failure of the company would have disastrous consequences.
The Kyodo news agency has reported that Economy Minister Yukio Edano told the company to consider "every possibility, including temporary state control" to try to improve the company's financial situation. Mr Edano met Tepco's president following a meeting of cabinet ministers which discussed Tepco and electricity reform.
Mr Edano met Tepco's president Toshio Nishizawa following a meeting of cabinet ministers that discussed Tepco and electricity reform. Speaking to reporters after the meeting, Mr Nishizawa said: "There were various instructions, or rather opinions, expressed by the minister today.
Last week, Japanese media reported that the government may pick up a two-thirds stake in Tepco, a move that would constitute a de-facto nationalisation of the company. "We would like to move forward in compiling our comprehensive special business plan based on that," Mr Nishizawa said.
Last week, Japanese media reported that the government may pick up a two-thirds stake in Tepco, a move that would effectively nationalise the company.
Tepco and the government had both denied the reports at that time.Tepco and the government had both denied the reports at that time.
Desperate timesDesperate times
Tepco, Japan's biggest utility provider, has been facing an uncertain future since the March earthquake and tsunami.Tepco, Japan's biggest utility provider, has been facing an uncertain future since the March earthquake and tsunami.
Last week, the company announced that it was raising electricity prices for corporate clients for the first time in more than 30 years, due to a higher cost of operations.Last week, the company announced that it was raising electricity prices for corporate clients for the first time in more than 30 years, due to a higher cost of operations.
Its latest request for additional funds for compensation came after a committee addressing compensation disputes decided on additional measures to compensate victims who voluntarily evacuated, Tepco said in a statement.
The quake and tsunami forced it to shut 15 of its 17 nuclear power plants, and resort to thermal power stations for electricity generation, increasing its fuel costs.The quake and tsunami forced it to shut 15 of its 17 nuclear power plants, and resort to thermal power stations for electricity generation, increasing its fuel costs.
To make matters worse, a panel investigating the Fukushima nuclear disaster has chastised the company for being ill-prepared for such a calamity.To make matters worse, a panel investigating the Fukushima nuclear disaster has chastised the company for being ill-prepared for such a calamity.
It said response failures and the general lack of preparedness worsened the effects of the nuclear accident at the Fukushima nuclear plant. It said response failures and the general lack of preparation in the event of an emergency worsened the effects of the nuclear accident at the Fukushima nuclear plant.