Friday, May 20

Japan approved Tepco nuclear claims plan

TOKYO Japan on Friday announced a plan, Tokyo electric power compensate victims of the crisis in the tsunami crippled nuclear plant without the­o­ret­i­CAL go, while it fights nuclear crisis since Chernobyl to solve the worst to help.

The plan, after weeks of dispute between government officials, bankers and Tokyo Electric executives about who should pay for the crisis, agreed revered investor fears that a collapse of the company power financial markets would roil.

You is because as engineers still working are reactors under control in the Tokyo Electric Fukushima Daiichi nuclear power plant North of Tokyo bring two months after the earthquake and tsunami, the radiation leaks led.

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Credit rating agency standard & poor's lowered Tokyo Electric, known as Tepco, to BBB from BBB +, said in a statement: "The upper limit of compensation at that time remains unclear, and we expect remain Tepco's profitability under considerable pressure for a very long time."

The Government will issue special bonds to finance a Fund of Asia's largest utility, will deal with compensation claims which are expected to be in tens of billions of dollars. No ceiling is set at Tokyo Electric liabilities.

The Government is considering also buy preference shares Tokyo Electric, also known as Tepco when it runs behind the capital. Provided no information on the size of its planned fund injection but legislators told reporters earlier this week, that the bond would be about 5 trillion yen ($ 62 billion) in total.

In return for public support the Government that it will exercise control on management of Tokyo Electric "for a certain period of time" and makes other, has also asked that to pay annual premiums into the Fund.

Although facilitates that have averted the worst, sold stocks, investors utility unsettled by the prospect of the role the Government hands-on in the area run.

Bank shares also slipped after Japan's top Government spokesman said a distinction between loans before the March 11 earthquake and tsunami, and those following the disaster become expanded and banks should be required, that should work together in Tokyo Electric financial relief.

The market interpreted the comments Cabinet Secretary Yukio Edano may be made by Chief as an indication of loans banks or other concessions. Shares of Sumitomo Mitsui Financial Group, the utility main creditor bank, fell by 3.8 per cent.

"The Government on private corporate profits hurt." It hurts the profits of utilities has, and now it is trying the burden on the taxpayer Kiyoshi Noda, senior Fund Manager at MU investments reduce, by spreading to banks saying you profits.

Public burden
Government officials made great efforts to criticism of the regime as ward off unjustified use of taxpayer funds. Some have argued that the utility, which is a history of security lapses and is known for its cosy relations with the supervisory authorities, were allowed to fail.

"This framework should not as a rescue package for Tepco." Trade Minister Banri Kaieda we said this framework achieves compensation quickly... can take place for the victims and thus can provide power Tepco in a stable manner, "Reporters."

Minister tries also ensure to alleviate, end consumers would shoulders, much of the burden either in the form of higher electricity rates or new taxes, saying that the impact should be limited to both to a minimum.

The Government will need to pass a new law in the Parliament, to implement the plan, and analysts said the opposition, the schema, but critically will block difficult it as it will effectively mean a delay in compensating the victims of disasters.

The special bonds can be in cash, which handle first burst of payments and Tepco said the first payments to farmers and fishermen to make it concerned until the end of this month by the disaster.

More than 70,000 people in a largely rural area within a radius of 20 km (12 miles) of the plant had to evacuated. About 136,000 people within a zone extending for 10 km were advised to stay young.

Some analysts estimated that somewhere between $20 and $130 billion, depending on how long the crisis persists could be compensation claims.

S & P said that the probability that Tepco very high, but an increase in the radiation from the nuclear power plant leaks would get exceptional support from the Government was the risk of further assessments could charge cuts.

While the Government was trying to navigate the political minefield around the compensation plan, a further setback confronted 240 km north of Tokyo workers at the site of Fukushima Daiichi after a water leak in one of the reactors of this week was discovered.

TEPCO said on Friday that the discovery of the leaking water from the affected plant No. 1 reactor set up his plan to a more permanent cooling system for the installation could complicate. Some outside experts were skeptical for weeks over Japan's plan to stabilize the Fukushima Daiichi reactors from January.

Kaieda said, a delay in this timetable is now likely.

"I think this is an important factor, which require a change in Tokyo Electric roadmap to bring the situation under control," said Kaieda.

Early in the week, Tepco said it had sealed a leak of radioactive water outside the plant No 3 reactor. The No. 2 reactor developed similar leaks with liquid glass and other materials were sealed in April.

The 9.0 earthquake and tsunami that followed killed more than 15,000 people, said the national policy agency. More than 9,500 employees are missing.

Since the disaster of the work disabled Fukushima Daiichi cooling systems, Tepco has on the reactors of catastrophic meltdowns prevent water poured. The utility has by encrypted means for storing the contaminated water, of which some has leaked into the ocean to find.

The world's worst nuclear crisis in a quarter century Tokyo, prompted to rethink their energy policy, which strongly to rely on nuclear power as the most important alternative to fossil fuels.

Last week, Prime Minister Naoto Kan told another power utility to close a nuclear power plant in an earthquake-prone area. He moved both applause for bold action and critics a rash and poorly planned directive said fire for what step was.

Movement kindled fears that budget and Enterprise power outages take roles in the summer when electricity use is the highest.

TEPCO said on Friday that it planned to closed, since the March 11 quake and the restart by the end of July, that it should be conventional thermal plants able enough power supply to meet peak demand.

Kaieda said, who do their best to prevent power outages Government.

Copyright 2011 Thomson Reuters.

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