Wednesday, January 15, 2014

Tepco's magical revival plan

Tepco has rewritten a plan for Fukushima cleanup financing and the Japanese ministry overseeing it has accepted it, despite acknowledging that a key assumption is...how shall we say this...fictional? fictive? magical unicorns?

Japan's trade ministry on Wednesday approved a revival plan for the utility responsible for the Fukushima nuclear disaster, Tokyo Electric Power Co (9501.T), its second attempt at restoring its battered finances.
The plan hinges on Tokyo Electric (Tepco) restarting its Kashiwazaki Kariwa nuclear plant to cut fossil fuel costs, a contentious undertaking staunchly opposed by the local governor.
An earlier plan by Tepco outlining a revival after its Fukushima plant was hit by a massive earthquake and tsunami in 2011, triggering triple meltdowns at the site, had to be torn up because it could not restart Kashiwazaki.
"As for the restart of Kashiwazaki Kariwa ... this is simply an assumption built into the financial plan," industry minister Toshimitsu Motegi said as he gave formal approval of the plan to Tepco President Naomi Hirose.
The previous revival plan revolved around a Kashiwazaki restart in early 2013. The new plan envisages a restart of two reactors at the station in July.
Motegi and Hirose said there may be a time lag between the plan's assumption and any restarts.
And that is true: there is a lag between July 2014 and July 20never.

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