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Tepco nationalised, sticks with nuclear

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Tepco nationalised, sticks with nuclear
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Shareholders of Tokyo Electric Power, the company at the centre of last year’s Fukushima disaster, have approved its nationalisation.

The government will put 10 billion euros into Tepco to stop it collapsing.

Tepco said 4,471 shareholders attended the meeting, which lasted five hours and 31 minutes, the second longest in the company’s history. About 100 anti-nuclear protesters waved flags and called for an end to atomic power outside the venue.

At the same time, the shareholders of Tepco and of Japan’s other big power company, Kansai, rejected calls for them to abandon nuclear which previously accounted for nearly 30 percent of Japan’s electricity.

The decisions come days before the country’s first reactors are due to come back online.

Prime Minister Yoshihiko Noda on June 16 approved the restarts of two reactors at Kansai Electric’s Ohi plant to avoid power shortages that he said would damage the world’s third-biggest economy.