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Tepco's new turnaround plan eyes realignment with peers

Document will spell out push for mergers in power generation, transmission

Managing Executive Officer Seiichi Fubasami, center, discusses Tepco's latest turnaround plan.

TOKYO -- Tokyo Electric Power Co. Holdings looks to fellow utilities for help in restructuring power and transmission operations under the company's latest reform plan, targeting a speedy earnings recovery to pay for a massive nuclear cleanup.

Tepco and the state-backed Nuclear Damage Compensation and Decommissioning Facilitation Corp., or NDF -- which holds a majority stake in the utility -- outlined the latest plan Wednesday to overhaul the company's operations. A previous plan, hatched in 2014, is being updated based on recommendations made in December by an advisory panel at the Ministry of Economy, Trade and Industry. The framework will be fleshed out and submitted to the ministry's chief for approval sometime in April.

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