Fukushima operators report massive losses

Tokyo Electric Company, operators of the Fukushima Daiichi nuclear station devastated by the March tsunami, have reported a Y571.7 billion (£4.53bn) net loss for the first quarter of 2011. Tepco […]

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By Tom Gibson

Tokyo Electric Company, operators of the Fukushima Daiichi nuclear station devastated by the March tsunami, have reported a Y571.7 billion (£4.53bn) net loss for the first quarter of 2011.

Tepco have said that the combined cost of cleaning up the plant and compensating tens of thousands of people is the main reason for the steep bills.

Y397.7 billion yen has been put aside for the compensation of the victims of the disaster.

Electricity sales in the first quarter decreased 12.1% from the same period of the previous fiscal year to 60.2 billion kWh as a result of a decrease of all kinds of electricity usage compared to the previous year.