With TEPCO mired in an out of control contaminated water problem at Fukushima Daiichi, the prospect of restarting Kashiwazaki Kariwa has become less likely.
TEPCO’s foreign consultants are split vs. existing TEPCO management. The consultants think TEPCO should wait to apply for restart inspections, hoping public outrage and TEPCO’s incompetence is forgotten. TEPCO management wants to plod ahead with restart applications even though they have admitted they have lost control of the water situation at the plant.
TEPCO’s main priority has been less about the disaster at Daiichi and more about saving their own skins. Financial creditors are demanding TEPCO return to profitability by 2013. Either through restarting Kashiwazaki Kariwa to generate money or by raising electricity rates yet again.
TEPCO’s bond rating has gone up, indicating their debt is riskier. TEPCO may ask this fall for loans with a number of banks be renegotiated to try to make up for the failures in profitability. TEPCO is also hoping to get another 5.95 billion USD loan this year. It isn’t sure what will happen if nobody will lend TEPCO new money. What is assured is that TEPCO’s effort to restart Kashiwazaki Kariwa is driven by the banks, not the dire need for electricity.
image credit: Telegraph UK
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