TEPCO shareholders approve 1 trillion yen government bailout
The Japanese government offered the bailout to save the utility from collapse following the crippling financial shortfall caused by the Fukushima nuclear disaster
Tokyo, June 27, 2012 — Tokyo Electric Power Co. shareholders voted April 27 to approve the Japanese government's offer of a 1 trillion yen ($12.58 billion) capital injection.
As a condition of the bailout, the Japanese government will gain temporary control of the utility. Japan's government has supported the utility with 3.5 trillion yen ($37.74 billion)
During the same vote, TEPCO shareholders vetoed a plan to scrap all seven reactors at the utility's Kashiwazaki-Kariwa nuclear power plant and replace them with gas-fired combined cycle units at the same site.
The financial burden of the Fukushima disaster is estimated at about $100 billion, including compensation and cleanup costs.