TEPCO loses over 7 billion dollars in 2012

TEPCO announced on Tuesday that it had felt a group net loss of over $7 billion dollars in 2012, the third year running that the company has remained in the red.  Utility officials blamed thermal power fuel costs and the suspension of its nuclear power plants for the losses.

The utility is also still facing several class action lawsuits related to their preventative measures prior to the disaster and several cases over compensation.  The road ahead in 2013 and 2014 does not look much better for TEPCO, as there are no plans to restart any of the nuclear power plants, including the Kashiwazaki-Kariwa nuclear power plant in Niigata.  TEPCO will realign four of its fully owned subsidiaries into two this July in order to save some 700 million yen in costs per year.
[link to enformable.com]
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