Japan utility gets $12.8B nuclear crisis bailout

11:20 PM, Jul 30, 2012   |    comments
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TOKYO -- The Japanese utility that operates the nuclear power plant sent into meltdown by last year's tsunami says it has received a trillion yen ($12.8 billion) public bailout.

Tokyo Electric Power Co. apologized Tuesday for the "inconvenience and anxiety" from the disaster at the Fukushima Dai-ichi plant in northeastern Japan, and for raising electricity charges to cover the costs of dealing with the crisis.

The company, now under government control, still faces massive compensation demands from those forced to evacuate and whose land and products were contaminated by spewing radiation following the disaster that began March 11 last year.

TEPCO must also shoulder the enormous costs of decommissioning three reactors at Fukushima Dai-ichi that went into meltdown. It must also put nuclear fuel at a fourth reactor there into safe storage.

The Associated Press

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