Tokyo Electric Power (TEPCO) said it would submit a restructuring plan to a Japanese government-backed fund Wednesday, which could see the creation of a special unit to dismantle the crippled Fukushima plant. TEPCO's board approved a draft plan Tuesday that would see a holding company created with several units undern
Tokyo Electric Power (TEPCO) said it would submit a restructuring plan to a Japanese government-backed fund Wednesday, which could see the creation of a special unit to dismantle the crippled Fukushima plant.
TEPCO's board approved a draft plan Tuesday that would see a holding company created with several units underneath it dedicated to separate tasks, including one that would be solely responsible for decommissioning the battered reactors.
The plan, which includes a cost-cutting round of early retirements, assumes the giant utility will be allowed to restart some of its idled nuclear reactors. Supporters say this is necessary to reduce the inflated fuel bills caused by the switch back to fossil fuels in the aftermath of the disaster.
TEPCO and the fund will jointly submit the plan to the government next month for formal approval.
The plan comes after the government on Tuesday approved its budget for fiscal 2014, which included measures to help TEPCO, such as earmarking 101.2 billion yen ($969.7 million) to pay for facilities to store radioactive waste.