Japan to provide $12.5B to nuclear plant operator
TOKYO, MAY 9 (AP/UNB) - Japan's government has decided to provide 1 trillion yen ($12.5 billion) to the operator of a tsunami-devastated nuclear plant and put it under temporary state control to help it cope with the disaster's aftermath.
The steps are part of a restructuring plan approved Wednesday. In exchange, Tokyo Electric Power Co. has appointed new management and pledged to cut costs and raise utility rates as it works to stabilize the crippled Fukushima Dai-ichi nuclear plant and compensate thousands of victims of the worst nuclear disaster since Chernobyl.
TEPCO has been criticized for being unprepared for the earthquake and tsunami that ravaged Japan's northeastern coastline last year. Several reactor cores at the plant melted, releasing large amounts of radiation.
The steps are part of a restructuring plan approved Wednesday. In exchange, Tokyo Electric Power Co. has appointed new management and pledged to cut costs and raise utility rates as it works to stabilize the crippled Fukushima Dai-ichi nuclear plant and compensate thousands of victims of the worst nuclear disaster since Chernobyl.
TEPCO has been criticized for being unprepared for the earthquake and tsunami that ravaged Japan's northeastern coastline last year. Several reactor cores at the plant melted, releasing large amounts of radiation.
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