This article is from the source 'bbc' and was first published or seen on . It last changed over 40 days ago and won't be checked again for changes.
You can find the current article at its original source at http://www.bbc.co.uk/go/rss/int/news/-/news/business-16337288
The article has changed 4 times. There is an RSS feed of changes available.
| Version 0 | Version 1 |
|---|---|
| Tepco shares fall on fears that it may be nationalised | Tepco shares fall on fears that it may be nationalised |
| (40 minutes later) | |
| Shares of Tokyo Electric Power Company (Tepco) fell on the Tokyo Stock Exchange on fears that the utility provider may be nationalised. | Shares of Tokyo Electric Power Company (Tepco) fell on the Tokyo Stock Exchange on fears that the utility provider may be nationalised. |
| It was the most actively traded stock on the bourse, falling 15% to 180 yen. | It was the most actively traded stock on the bourse, falling 15% to 180 yen. |
| On Tuesday, the company asked the government for an extra 690bn yen ($9bn; £5.6bn) to help pay compensation claims. | On Tuesday, the company asked the government for an extra 690bn yen ($9bn; £5.6bn) to help pay compensation claims. |
| Japan's energy minister Yukio Edano has asked it to consider temporary state control to ease its financial burden. | |
| "I want the (government-backed bailout) fund and Tepco to consider a comprehensive business plan without excluding any options, including temporary state control," Mr Edano told Tepco's president Toshio Nishizawa after a cabinet ministers meeting on Tuesday. | |
| Growing troubles | |
| The firm has already received $7.1bn in public funds, but it faces claims and costs of almost $100bn due to radiation leaks at its Fukushima Daiichi nuclear plant. | The firm has already received $7.1bn in public funds, but it faces claims and costs of almost $100bn due to radiation leaks at its Fukushima Daiichi nuclear plant. |
| The plant was damaged by the earthquake and tsunami in March and some 80,000 people had to be evacuated from the area surrounding it. | The plant was damaged by the earthquake and tsunami in March and some 80,000 people had to be evacuated from the area surrounding it. |
| To add to its woes, the company has seen its operation costs increase after the twin disasters forced 15 of its 17 nuclear plants to shut down. | |
| Tepco has since turned to thermal power stations, which require coal and natural gas, to generate electricity. | |
| Last week, it announced that it was raising electricity prices for corporate clients for the first time in more than thirty years, saying it may not remain operational without such a move. | |
| Mr Edano said that given the company's current situation it needs a huge cash injection to ease its problems. | |
| "Tepco's financial base must be fundamentally strengthened if it is to pull off the cleanup from the nuclear disaster without a hitch, decommissioning the reactors and compensating victims swiftly and in earnest," he said. |