TEPCO shareholders approve 1 trillion yen government bailout

Tokyo, June 27, 2012 – Tokyo Electric Power Co. shareholders voted April 27 to approve the Japanese government’s offer of a 1 trillion yen ($12.58 billion) capital injection.

The Japanese government offered the bailout to save the utility from collapse following the crippling financial shortfall caused by the Fukushima nuclear disaster.

As a condition of the bailout, the Japanese government will gain temporary control of the utility. Japan’s government has supported the utility with 3.5 trillion yen ($37.74 billion)

During the same vote, TEPCO shareholders vetoed a plan to scrap all seven reactors at the utility’s Kashiwazaki-Kariwa nuclear power plant and replace them with gas-fired combined cycle units at the same site.

The financial burden of the Fukushima disaster is estimated at about $100 billion, including compensation and cleanup costs.

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