TEPCO Profits 546 Billion Yen For Restarting KK Nuclear Plant

BusinessWeek mentions this in a larger article about the recent TEPCO shareholders meeting. Shareholders approved TEPCO’s nationalization and also the plan to continue with nuclear power.

TEPCO’s government recovery plan involves restarting the reactors at Kashiwazaki Kariwa. TEPCO’s largest shareholder, after the national government is the city of Tokyo. They attempted to require TEPCO to make reforms and a group of individual shareholders attempted to formally require TEPCO to withdraw from the nuclear power industry. Both were voted down.

The restart of the 7 nuclear reactors at TEPCO’s Kashiwazaki Kariwa would gain TEPCO 546 billion yen per year in profits or $6,877,416,000.00 (USD) .

This is the only plan TEPCO has for the company to financially survive and the national government approves of the restarts to save the company. Public safety or the plight of those from Fukushima doesn’t appear to be very high on the priority list.

TEPCO’s current shareholders (the national govt. takes over later in July) are mostly government entities, employees and big banks.
The Top 10 Shareholders As Of 6.28.2012

Tokyo Metropolitan Government
Employees Shareholding Association
Sumitomo Mitsui Banking Corporation
The Dai-ichi Life Insurance Company, Limited
Nippon Life Insurance Company
The Master Trust Bank of Japan, Ltd.(Trust Account)
Japan Trustee Services Bank, Ltd.(Trust Account)
Mizuho Corporate Bank, Ltd.
SSBT OD05 OMNIBUS ACCOUNT – TREATY CLIENTS
STATE STREET BANK WEST CLIENT – TREATY

 

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