TEPCO president steps down

Tokyo, May 20, 2011 – Tokyo Electric Power Co. president Masataka Shimizu announced his resignation following his embattled company’s report of a $15 billion net loss related to the ongoing Fukushima nuclear disaster.

The company will move an insider, managing director Toshio Nishizawa, into Shimizu’s post. Shimizu has worked for TEPCO since 1975.

TEPCO engineers are still working to stop radiation leaks and bring the Fukushima nuclear power plant into a stable condition about two months after the 9.0 magnitude earthquake and associated tsunami that touched off the worst nuclear crisis since the Chernobyl disaster.

Since the disaster, TEPCO has seen a more than 80 percent drop in its share value, and reports have indicated that the plant manager could be responsible for up to $100 billion in compensation claims.

This figure does not include the costs of replacing the lost generation capacity that the Fukushima plant represented. Fukushima Daiichi accounted for 5,000 MW of TEPCO’s overall generation capacity of 65,000 MW.

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