• 4 minutes China 2019 - Orwell was 35 years out
  • 7 minutes Wonders of US Shale: US Shale Benefits: The U.S. leads global petroleum and natural gas production with record growth in 2018
  • 11 minutes Trump will capitulate on the trade war
  • 14 minutes Glory to Hong Kong
  • 2 hours Yesterday Angela Merkel stopped Trump technology war on China – the moral of the story is do not eavesdrop on ladies with high ethical standards
  • 31 mins IMO 2020:
  • 21 mins China's Blueprint For Global Power
  • 13 hours World Stocks Drop And Futures Tread Water After China Reports Worst GDP Growth In 30 Years
  • 3 hours Brexit agreement
  • 4 hours The Ultimate Heresy: Technology Can't Fix What's Broken
  • 20 hours National Geographic Warns Billions Face Shortages Of Food And Clean Water Over Next 30 Years
  • 21 hours ABC of Brexit, economy wise, where to find sites, links to articles ?
  • 21 hours Joe Biden, his son Hunter Biden, Ukraine Oil & Gas exploration company Burisma, and 2020 U.S. election shenanigans
  • 13 hours Deepwater GOM Project Claims Industry First
  • 1 hour Idiotic Environmental Predictions
  • 17 hours Why did Aramco Delay IPO again ? It's Not Always What It Seems.
What Does Brexit Mean For UK Oil & Gas?

What Does Brexit Mean For UK Oil & Gas?

While Brexit is unlikely to…

Oil Prices Jump On A Lone Piece Of Bullish News

Oil Prices Jump On A Lone Piece Of Bullish News

Oil prices rose on Wednesday…

Tepco Sharholders Agree to Nationalise Struggling Energy Company

Tokyo Electric Power Company (Tepco) is the biggest energy company in Japan, but since the disaster at the Fukushima Daihatsu nuclear power plant last year it has struggled to survive.

Shareholders held a meeting in which they agreed to accept $12.6 billion from the Japanese government and nationalise the company. In total Tepco has received $43.9 billion in support from the government since last year’s earthquake and tsunami caused the reactor meltdown at Fukushima, and the subsequent closure of all nuclear reactors in Japan.

Japan used to rely on nuclear power for 30% of its electricity generation, and the loss of this power source has led to increased imports for oil and LNG. As a result Tepco’s costs have risen dramatically and shareholders discussed the proposal of increasing household electricity prices by 10%. The decision to restart nuclear reactors, despite the public protests was also debated as a solution for reducing the growing fossil fuel import costs.

Mariko Oi, from the BBC, said that, “in a country where public demonstrations used to be few and far between, anti-nuclear protests have become a usual sight.”

“Activists were outside the event today and earlier this month, tens of thousands of them protested against the government's decision to restart two nuclear reactors at the Ohi power plant in Fukui Prefecture.”

Prime Minister Yoshihiko Noda has stated that it is crucial that Japans economy (the third largest in the world) is not negatively affected by electricity shortages. This desire may influence the decisions to revert back to nuclear power and turn the reactors back on, despite public fears of safety.

By. Joao Peixe of Oilprice.com



Join the discussion | Back to homepage

Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News
Download on the App Store Get it on Google Play