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May 10, 2012

Japan providing $12.5B to nuclear plant operator

  • Tokyo Electric Power Co. has appointed new management and pledged to cut costs following the meltdown of reactor cores at the Fukushima Dai-ichi nuclear plant.

    • TOKYO (AP) — The government approved on Wednesday a $12.5 billion public bailout for the operator of Japan's tsunami-devastated nuclear power plant and put it under temporary state control.

    In exchange, Tokyo Electric Power Co. has appointed new management and pledged to cut costs while raising utility rates as it works to stabilize the crippled Fukushima Dai-ichi nuclear plant and compensate tens of thousands of victims of the worst nuclear disaster since Chernobyl.


     
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