Published on : Jul 03, 2014
There has been a delay in operator Tokyo Electric Power Co.’s (TEPCO) plans that turns around its finances. The world’s largest nuclear plant in Japan will not begin its operation this year as it was planned.
After earthquake damage, TEPCO has lost all its finances in trying to regain radiation pollution in its Fukushima Daiichi nuclear power plant in 2011. Starting its operation in theKashiwazakiKariwa facility, 180 miles northwest of Tokyo, is the key part to generate cash.
The nuclear plant expected to restart two reactors at the Kashiwazakifacility in July. This goal was unrealistic added critics. Four direct sources regardingthisissue said the restart would be postponed. One source also said the restart could be delayed by a year.
Kashiwazakiwill take some time to restart in this fiscal year, told Reuters. TEPCO’s vice president Hiroshi Yamaguchi told the shareholders in Junethat Japan\'s business year started in April and the company couldn’t comment on the timing of the Kashiwazaki restart.Last year, TEPCO planned to increase the electricity rates or restart reactors to raise its finances. However, two of its Reuters’ sources added that the Japanese government has requested TEPCO to evadeits utility rates.
TEPCO announced in January that it may have to hike its electricity rates as it cannot reopen Kashiwazaki.Followingthe Fukushima disaster, the company reported more than $27 billion in losses for the three years. However, it also made a profit last year after cost cuts and government aid whereby the company would save $1 billion per month in fuel costs under the operation of the seven reactors at Kashiwazaki.