Tokyo Electric Power Co, or TEPCO, is liquidating its PR unit in order to make compensation payments resulting from the troubles at the Fukushima Daiichi power plant. The company has had sustained problems with the plant, stemming from damage after the tsunami and earthquake that struck Japan in March. TEPCO customers in are being asked to cut their power consumption this summer starting July 1.
The company is trying to raise ¥600 billion to make these payments. Payments could total much more than that. But a new government plan has instilled enough confidence to help the company has sent the stock higher by nearly a third.
Still, the ongoing fears about the Fukushima plant have spread around the world as people question the safety of nuclear power plants in their own countries. Three U.S. nuclear companies and the country’s Nuclear Regulatory Commission (NRC) are taking steps to respond and react to the crisis.