All Japan news asks Tepco for $33 bn. cost cuts

7 years ago by in Around the world

All Japan newsese trade minister, Yukio Edano, said on Monday he informed Tokyo Electric Power Co. (Tepco), the operator of the crippled nuclear plant in Fukushima, that it has to save at least Y2.5 trillion ($33 billion) in cost cuts over the next decade.

The measure was taken by a governmental panel that works with Tepco’s restructuring.

Edano made the statement at a meeting with Toshio Nishizawa, the president of Tepco.

The operator of the nuclear plant is estimated to need around Y4.5 trillion in the next two years to pay compensations to victims of the nuclear incident which occurred this March.

Tepco is seeking to obtain Y1 trillion from the government to cover the amount of compensation for victims for this fiscal year. The company would include this request in an emergency operating plan to be formulated next month, according to sources.

Photo by: ivanwalsh

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