TEPCO reports first quarter losses totaling $7.13 billion

08/10/2011
By

TOKYO (majirox news) — The Tokyo Electric Company, TEPCO, owner and operator of the Fukushima Daiichi power plant, reported a quarterly loss of more than 570.7 billion yen ($7.13 billion).

TEPCO’s earnings for three months, from April to June this year, suffered extraordinary losses due to problems following the earthquake, tsunami and nuclear crisis at the Fukushima Daiichi nuclear power plant.

The exceptional loss of 397.7 billion yen ($4.97 billion) was a result of compensation payments for the victims of the disaster, including payments for mental stress and loss of income, compensation to farmers whose shipments of vegetables were halted, recompense to residents who were forced to evacuate because of the high levels of radiation emitted from the Fukushima Daiichi plant and the restoration costs of the damaged properties.

On a positive note, TEPCO and the government’s energy saving campaign resulted in the reduction of power usage and electricity bills from businesses and households by 7.2 percent, compared with the same period the previous year.

In the future, TEPCO will receive funding from the government, which is expected to pay the full compensation.

At a press conference, Toshio Nishizawa, president of TEPCO, said, “Once we receive payment from the government, the company will recover.”

Share and Enjoy:
  • Print
  • Digg
  • Facebook
  • Yahoo! Buzz
  • Twitter
  • Google Bookmarks
  • del.icio.us
  • RSS
  • StumbleUpon

Tags: , , ,

Leave a Reply

Your email address will not be published. Required fields are marked *

*