by Kaname Ohira and Mari Fujisaki / The Asahi Shimbun / July 31, 2012 /
The bailout of embattled Tokyo Electric Power Co. got under way July 31, with an equity investment of 1 trillion yen ($12.78 billion) in taxpayer money.
Public funds will also be used to help the company provide2.5 trillion yen, and counting, in compensation to victims of the accident at the Fukushima No. 1 nuclear power plant.
TEPCO customers will bear an additional burden in the form of higher electricity bills to cover the costs for stabilizing the crippled reactors, fuel for thermal power generation and compensation to victims.
TEPCO’s revenue will jump by more than 500 billion yen a year with an average 8.46-percent electricity rate increase for household users and an average 14.9-percent hike for corporate customers.
In contrast, TEPCO’s creditors and shareholders came away essentially unscathed.
Posted from: Fukushima Update