• 8 hours PDVSA Booted From Caribbean Terminal Over Unpaid Bills
  • 10 hours Russia Warns Ukraine Against Recovering Oil Off The Coast Of Crimea
  • 12 hours Syrian Rebels Relinquish Control Of Major Gas Field
  • 13 hours Schlumberger Warns Of Moderating Investment In North America
  • 14 hours Oil Prices Set For Weekly Loss As Profit Taking Trumps Mideast Tensions
  • 15 hours Energy Regulators Look To Guard Grid From Cyberattacks
  • 16 hours Mexico Says OPEC Has Not Approached It For Deal Extension
  • 18 hours New Video Game Targets Oil Infrastructure
  • 19 hours Shell Restarts Bonny Light Exports
  • 20 hours Russia’s Rosneft To Take Majority In Kurdish Oil Pipeline
  • 1 day Iraq Struggles To Replace Damaged Kirkuk Equipment As Output Falls
  • 1 day British Utility Companies Brace For Major Reforms
  • 1 day Montenegro A ‘Sweet Spot’ Of Untapped Oil, Gas In The Adriatic
  • 2 days Rosneft CEO: Rising U.S. Shale A Downside Risk To Oil Prices
  • 2 days Brazil Could Invite More Bids For Unsold Pre-Salt Oil Blocks
  • 2 days OPEC/Non-OPEC Seek Consensus On Deal Before Nov Summit
  • 2 days London Stock Exchange Boss Defends Push To Win Aramco IPO
  • 2 days Rosneft Signs $400M Deal With Kurdistan
  • 2 days Kinder Morgan Warns About Trans Mountain Delays
  • 2 days India, China, U.S., Complain Of Venezuelan Crude Oil Quality Issues
  • 2 days Kurdish Kirkuk-Ceyhan Crude Oil Flows Plunge To 225,000 Bpd
  • 2 days Russia, Saudis Team Up To Boost Fracking Tech
  • 3 days Conflicting News Spurs Doubt On Aramco IPO
  • 3 days Exxon Starts Production At New Refinery In Texas
  • 3 days Iraq Asks BP To Redevelop Kirkuk Oil Fields
  • 4 days Oil Prices Rise After U.S. API Reports Strong Crude Inventory Draw
  • 4 days Oil Gains Spur Growth In Canada’s Oil Cities
  • 4 days China To Take 5% Of Rosneft’s Output In New Deal
  • 4 days UAE Oil Giant Seeks Partnership For Possible IPO
  • 4 days Planting Trees Could Cut Emissions As Much As Quitting Oil
  • 4 days VW Fails To Secure Critical Commodity For EVs
  • 4 days Enbridge Pipeline Expansion Finally Approved
  • 4 days Iraqi Forces Seize Control Of North Oil Co Fields In Kirkuk
  • 4 days OPEC Oil Deal Compliance Falls To 86%
  • 4 days U.S. Oil Production To Increase in November As Rig Count Falls
  • 5 days Gazprom Neft Unhappy With OPEC-Russia Production Cut Deal
  • 5 days Disputed Venezuelan Vote Could Lead To More Sanctions, Clashes
  • 5 days EU Urges U.S. Congress To Protect Iran Nuclear Deal
  • 5 days Oil Rig Explosion In Louisiana Leaves 7 Injured, 1 Still Missing
  • 5 days Aramco Says No Plans To Shelve IPO
Where To Look For Value This Earnings Season

Where To Look For Value This Earnings Season

Energy majors are about to…

Trump’s Iran Decision Haunts Big Oil

Trump’s Iran Decision Haunts Big Oil

Donald Trump’s Iran decision has…

TEPCO Doubles Estimate for Fukushima Clean Up to $125 Billion

TEPCO Doubles Estimate for Fukushima Clean Up to $125 Billion

Tokyo Electric Power Company (TEPCO) has said admitted that the cost of cleaning up after the Fukushima disaster and paying off the compensation claims made may double from the five trillion yen it had estimated back in April, to ten trillion yen ($125 billion).

The company released a statement today that said, “there is a view that we may need the same amount (again) of additional money for the decontamination of low-level radiation areas and costs of temporary facilities for storing waste.”

In April the Japanese government gave TEPCO one trillion yen in exchange for a controlling stake in the company. The money was needed to prevent the company, the largest energy utility in Japan, from going under.

Related Article: Despite Fukushima, China Embraces Nuclear Power

To meet this new figure of ten trillion yen the company would need more support from the government, and that has left TEPCO’s chairman, Kazuhiko Shimokobe, very worried.

“If we address the swelling costs by doubling the amount of government bond issuance our firm will become an entity only for the purpose of dealing with post-accident issues. It will become difficult for us to raise money from the private sector so we will have to rely on the government for the financing of all of our business.”

By. Charles Kennedy of Oilprice.com



Join the discussion | Back to homepage

Leave a comment
  • Curtis on November 08 2012 said:
    It is somewhat ironic that the costs of dealing with radioactivity which does decline exponentially is countered by the cost of decontamination which seems to be increasing exponentially. All of this in a finite world. HA!

Leave a comment

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