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TEPCO warns more cuts of up to US$1.1 bil. necessary to stay afloat

TOKYO--Tokyo Electric Power Co. (TEPCO) said Monday it must cut US$1.1 billion more in annual costs to stay afloat as the operator of the crippled Fukushima nuclear plant faces huge compensation and clean-up costs.

The sprawling utility, known as TEPCO, made the comments in a business operations report, with the extra cuts of 100 billion yen coming on top of plans to shrink its expenses by 3.36-trillion-yen through to 2021.

“We will carry out these cost reductions to ensure our survival and strengthen our financial position,” the company said in a statement.

In a bid to reach its goal, TEPCO said it had overhauled the organization of its business and would review procurement as fuel costs soar after Japan shut down its nuclear reactors in the wake of the atomic crisis two years ago.

TEPCO is facing crippling costs for decommissioning the shattered plant and compensating thousands of residents who fled in the area wake of the worst nuclear accident in a generation.

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