New request brings total public funding to more than $30 billion
TOKYO —The power company behind Japan’s nuclear crisis is seeking more public funds to avoid insolvency as the cost of compensation and stabilizing damaged reactors swells.
Tokyo Electric Power Co. is asking for another 1 trillion yen ($12 billion) from a state-backed fund.
That would bring the total public funds injected into TEPCO to 2.5 trillion ($30.7 billion), virtually nationalizing the company. The new funding request needs to be approved by the government.
TEPCO’s Fukushima Dai-ichi nuclear power plant suffered meltdowns following last year’s massive quake and tsunami. The plant is barely under control and decommissioning is expected to take decades.
TEPCO president Toshio Nishizawa said the company is in severe financial conditions.