Hiroko Tabuchi
NY Times
May 9, 2012
Japan is set to nationalize Tokyo Electric Power, the operator of the ravaged Fukushima Daiichi nuclear power plant, under a ¥1 trillion bailout plan approved Wednesday.
The Japanese government has been scrambling to keep the company from collapsing so it can meet the billions of dollars in compensation claims and decommission the meltdown-stricken reactors at Fukushima Daiichi, all while continuing to provide the Tokyo metropolis with stable electricity.
The government is also eager to push through reforms to restore public trust in a company that has played a vital role in Japan’s energy policy but has also admitted to safety lapses and cover-ups at its power plants. But the $12.6 billion bailout comes at a time when the government itself is reeling under a debt burden that has mushroomed to more than twice the size of its economy.
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