Monday May 14, 201203:59 PM GMT
Japan's nuclear power plant operator posts USD 9.76 bn net loss ‎
This general view shows TEPCO
This general view shows TEPCO's tsunami-crippled Fukushima Daiichi ‎nuclear power plant in Okuma, Fukushima prefecture on February 20, ‎‎2012.‎
Mon May 14, 2012 3:57PM
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Tokyo Electric Power Co. (TEPCO), the operator of a damaged Japanese nuclear plant, has posted a bigger-than-expected annual loss of 9.67 billion dollars.

The company said on Monday that its 781-billion-yen net loss for the financial year ending March 31 compared with a net loss of 1.25 trillion yen the year before.

The Fukushima Daiichi nuclear power station went into meltdown after it was struck by a 9-magnitude quake and tsunami on March 11, 2011.

The loss is due to the growing costs of thermal power generation following the 2011 disaster.

The Japanese government decided to inject one trillion yen of public funds into TEPCO as part of a 10-year restructuring plan.

The plan will put the company under state control while it copes with massive compensation payments to the victims of the disaster and the cost of decommissioning its damaged reactors.

TEPCO is responsible for maintaining a stable power supply to its millions of customers as the sole provider of electricity to Tokyo and a vast surrounding region in eastern Japan.

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