Tokyo Electric Power Co . for the first time defended its response to the crisis at the Fukushima Dai-Ichi nuclear power plant, with Chairman Tsunehisa Katsumata rejecting claims the utility was slow to react.
Damaged reactors at the crippled Fukushima Dai-Ichi nuclear plant may take three decades to decommission and cost operator Tokyo Electric Power Co. more than 1 trillion yen ($12 billion), engineers and analysts said.
Japan’s government took control of Tokyo Electric Power Co., the center of the Fukushima nuclear disaster, and agreed to provide 1 trillion yen ($12.5 billion) as part of the nation’s largest bailout since the rescue of the banking industry in the 1990s.
Tokyo Electric Power Co. workers agreed to a management proposal to cut their pay by as much as 25 percent out of a sense of responsibility for the world’s worst nuclear disaster since Chernobyl, their union said.
Tokyo Electric Power Co . said the company’s chairman and president will take no pay from this month, extending salary cuts as the utility seeks government funding to cope with the crisis at the Fukushima nuclear plant.
Japan should develop a plan to provide financial support for Tokyo Electric Power Co. before banks including Sumitomo Mitsui Financial Group Inc. resume lending to the owner of the crippled nuclear plant, the nation’s banking lobby said.