Arab Today, arab today tepco warns more cuts needed to stay afloat
Last Updated : GMT 08:53:10
Arab Today, arab today
Arab Today, arab today

TEPCO warns more cuts needed to stay afloat

Arab Today, arab today

Arab Today, arab today TEPCO warns more cuts needed to stay afloat

Tokyo - AFP

Tokyo Electric Power said on Monday it must cut $1.1 billion more in annual costs to stay afloat as the operator of the crippled Fukushima nuclear plant faces huge compensation and clean-up costs. The sprawling utility, known as TEPCO, made the comments in a business operations report, with the extra cuts of 100 billion yen coming on top of plans to shrink its expenses by 3.36-trillion-yen through to 2021. \"We will carry out these cost reductions to ensure our survival and strengthen our financial position,\" the company said in a statement. In a bid to reach its goal, TEPCO said it had overhauled the organisation of its business and would review procurement as fuel costs soar after Japan shut down its nuclear reactors in the wake of the atomic crisis two years ago. TEPCO is facing crippling costs for decommissioning the shattered plant and compensating thousands of residents who fled in the area wake of the worst nuclear accident in a generation. The company, which expects to book a loss of 120 billion yen in the fiscal year that ended March 31, said Monday it still expects to return to the black this business year. In November, the company doubled estimates of its Fukushima-related costs to 10 trillion yen, which is equal to about two percent of Japan\'s gross domestic product. The utility -- one of the world\'s biggest -- received one trillion yen of public cash last year in exchange for granting the government a controlling stake. The money was on top of previous grants and loans. It was intended to prevent TEPCO, which generates and supplies electricity to millions of people, including in and around Tokyo, from going under. The devastating tsunami of March 2011 swamped cooling systems at the Fukushima plant, sending reactors into meltdown and spewing radiation over a large area. The clean-up is expected to take decades, with scientists warning that some settlements may have to be abandoned. TEPCO has admitted it had played down known tsunami risks for fear of the political, financial and reputational cost.

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today tepco warns more cuts needed to stay afloat Arab Today, arab today tepco warns more cuts needed to stay afloat

 



Arab Today, arab today

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today tepco warns more cuts needed to stay afloat Arab Today, arab today tepco warns more cuts needed to stay afloat

 



Arab Today, arab today France defies terrorism through tourism

GMT 15:18 2017 Saturday ,20 May

France defies terrorism through tourism
Arab Today, arab today Zainab Fadel Oglu designs “Shakerin” mosque

GMT 12:13 2017 Thursday ,11 May

Zainab Fadel Oglu designs “Shakerin” mosque
View News in Arabic - Business: نفط وبتروكيماويات
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Mozambique's gas boom dream under threat

GMT 16:29 2017 Monday ,08 May

Mozambique's gas boom dream under threat
Arab Today, arab today Prepares to give stargazers an eyeful

GMT 13:38 2017 Monday ,06 March

Prepares to give stargazers an eyeful
Arab Today, arab today Jaguar displays XF Sportbrake line

GMT 14:36 2017 Monday ,08 May

Jaguar displays XF Sportbrake line
Arab Today, arab today BMW sees forecasts in reach

GMT 09:04 2017 Thursday ,04 May

BMW sees forecasts in reach
Arab Today, arab today Climate science: Bad news gets worse

GMT 08:48 2017 Saturday ,06 May

Climate science: Bad news gets worse
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday