Japan utility seeks more funds for nuclear crisis

Associated Press Modified: November 7, 2012 at 8:30 pm •  Published: November 7, 2012
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Including the bailout, the government has injected 2.5 trillion yen ($31.3 billion) into TEPCO and allocated at least 5 trillion yen for compensation for the disaster and decontamination.

On Wednesday, company executives outlined plans to revitalize TEPCO by cutting costs and making it competitive, arguing that in the long run, keeping the company as a public utility would run counter to the government's strategy of increasing competitiveness in the power sector.

The company, which serves the Tokyo region and is the world's fourth largest electrical utility, has raised electricity rates and sold assets to help staunch its flood of red ink.

TEPCO last week reported a 299.5 billion yen ($3.7 billion) loss in April-September, compared with losses of 627.3 billion a year earlier. It forecast a 45 billion yen ($563 million) loss for the fiscal year ending March 31, down from its earlier estimate of a 160 billion yen ($2 billion) loss.

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