TEPCO reports $7.4bn quarterly loss

Tokyo Electric Power Co. (TEPCO) said August 9 it posted losses for 1Q 2011 equal to ¥571.7 billion ($7.4 billion) for cleanup and compensation of victims following the nuclear crisis at the Fukushima Daiichi nuclear power plant in Japan.

The utility said in a statement that it had booked a one-time loss of $6.5 billion in charges associated with the disaster. In May, the company reportedly said it had booked a loss of $16.2 billion for the year through March.

TEPCO has said it would raise at least another $7.8 billion by cutting costs and selling assets.

To date, TEPCO has reportedly paid $917.3 million in compensation to victims of the disaster from a fund approved by the Japanese Parliament on August 4. The government initially contributed $26 billion to the fund.

Subscribe to Nuclear Power International magazine

Did You Like this Article? Get All the Energy Industry News Delivered to Your Inbox

Subscribe to an email newsletter today at no cost and receive the latest news and information.

 Subscribe Now


Logistics Risk Management in the Transformer Industry

Transformers often are shipped thousands of miles, involving multiple handoffs,and more than a do...

Secrets of Barco UniSee Mount Revealed

Last year Barco introduced UniSee, a revolutionary large-scale visualization platform designed to...

The Time is Right for Optimum Reliability: Capital-Intensive Industries and Asset Performance Management

Imagine a plant that is no longer at risk of a random shutdown. Imagine not worrying about losing...

Going Digital: The New Normal in Oil & Gas

In this whitepaper you will learn how Keystone Engineering, ONGC, and Saipem are using software t...