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Business

Tepco to remain a ward of the state for at least 3 more years

Costly Fukushima cleanup continues to dog the Japanese utility

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Costs for decommissioning the Fukushima Daiichi nuclear power plant may still grow.   © Kyodo

TOKYO -- Tokyo Electric Power Co. Holdings will likely remain under government control for at least three more years as cleanup costs for a 2011 nuclear meltdown continue to weigh on the Fukushima plant operator's finances.

Under the current business plan, Tepco's finances were to be evaluated at the end of fiscal 2016 to decide whether the government's stake can be lowered, with full privatization taking place in the early 2030s. But those familiar with the situation say Tepco's financial independence remains elusive.

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