• 4 minutes China's Economy and Subsequent Energy Demand To Decelerate Sharply Through 2024
  • 7 minutes Beijing Must Face Reality That Taiwan is Independent
  • 11 minutes Phase One trade deal, for China it is all about technology war
  • 14 minutes Shale Oil Fiasco
  • 25 mins We're freezing! Isn't it great? The carbon tax must be working!
  • 2 hours Which emissions are worse?: Cows vs. Keystone Pipeline
  • 10 hours Trump capitulated
  • 17 hours Thanks to Trump, the Iranian Mullahs Are Going Bankrupt
  • 1 hour Indonesia Stands Up to China. Will Japan Help?
  • 3 hours What's the Endgame Here?
  • 40 mins Trump has changed into a World Leader
  • 3 hours Turkey Muscles-In on Israel-Greece-Cyprus EastMed Gas Pipeline Deal. Erdogan Still Dreaming of Ottoman Empire II.
  • 10 hours US Shale: Technology
  • 11 hours Gravity is a scam!
  • 1 day Yet another Petroteq debt for equity deal
  • 1 day Three oil pipeline projects inch toward goal-line for Canada
  • 1 day The Libyan Oil in a Sea of Chaos, War and Disruptions
Two Reasons Why Oil Prices Rose Today

Two Reasons Why Oil Prices Rose Today

Oil prices were trading slightly…

A Worrying Sign For U.S. Shale

A Worrying Sign For U.S. Shale

After years of adding drilled…

Estimated Compensation for Fukushima Reactor Debacle Continues to Rise

The Japanese government panel overseeing Tokyo Electric Power Co.'s financial standing has estimated that the utility could face more than $52 billion in compensation costs related to the 11 March nuclear crisis at TEPCO’s Fukushima No. 1 power plant.

Panel sources, speaking on condition of anonymity said that the committee calculated the figure based on government compensation guidelines, but the final amount could increase as discussions continue on issues including as how far TEPCO should bear the costs to compensate people who have voluntarily evacuated from around the radiation-leaking plant.

Following the accident the Japanese government established a 12.6 mile evacuation zone around the stricken reactor complex, The Japan Times reported.

The government panel, headed by lawyer Kazuhiko Shimokobe, has calculated that TEPCO could avoid deficits without raising electricity rates if it is allowed to restart reactors at the Kashiwazaki-Kariwa power plant in Niigata Prefecture in the summer of 2012, adding that that a rise in electricity rates would be unavoidable if TEPCO is subjected to delays in restarting the reactors, accumulating liabilities that could overwhelm TEPCO with debt.

Further adding to the fiscal uncertainty, the panel’s assessment doesn't include the costs for decommissioning the Fukushima reactors.

By. Joao Peixe, Deputy Editor OilPrice.com



Join the discussion | Back to homepage


Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News