Panel on TEPCO reform calls for more cost-cutting measures

JapanGal, I have been doing that. Pretty amazing how many items I had plugged in just to tell the time. Pleased that I reduced my summer bill by 50% from last year. On the other hand, my neighbors on the floor, a family, ran that aircon 24 x 7. So, I'm sitting pretty, but the planet is going straight downhill.

Let's see...TEPCO has 1.6 TRILLION yen yet in two years will owe 4.5 TRILLION. Now, THAT is the cost of nuclear energy, like it or not. Let the games begin...

They should separate power generation from distribution, sell both off separately, require shareholders, bondholders and other creditors to take some sort of hit (but not for the loans the government persuaded banks to make after the quake), and use the proceeds to pay compensation. Then have a strictly regulated, privately run industry operating under the best global standards of safety and efficiency. With maximum incentivisation for hydro, wind, wave, tidal, solar and geothermal power generation.

you have to fight back people. Unplug everything in your house when you are out except the fridge. I mean everything. The only thing I cannot unplug is the doorbell thing. Get rid of those electric carpets, open up the windows, and go hang out at friends houses. My 3 LDK mansion is now clocking about 2500 yen a month. Used to have an extra 0 on it.

tepco needs to be put into bankruptcy so that it can't spend money without approval of a trustee.

I also suspect that within two years they'll say they can no longer pay out compensation claims.

They can call for cost-cutting till the cows come home, TEPCO will continue to cut it's costs only in terms of how much they have to pay in contrast to how much the execs earn. They'll cut the pensions of the everyday staff (not execs), lower the pay of the everyday staff (not execs), and increase utility costs for consumers, but the fat cats won't change a thing.

It said the utility needs to streamline its operations by selling off 700 billion yen worth of assets such as resorts, housing for employees and offices over the next three years.

Never understood why an employer would want to provide housing for employees. I wouldn't want to live in a "company house" reminds me of share cropping back in the US, the same kind that Jimmy Carter's family owned on the Peanut farm. People lived on his family property, and had to buy feed and supplies from the "farm store" that his parents owned, letting the workers buy it on credit (which they charge high fees). Isn't that the same with living in a company house? Can't earn equity, even though you may be paying lower rent you are giving your pay back to the company.

What resorts do they own, and who was able to visit them? I think wha they should do is get rid of the "extra stuff" and get down to the business of producing energy in a safe manner. Pay the workers a decent salary and they can find their own place to live and not rely on the company to provide.

Shouldn't this article be under CRIME?? Instead of just National? Or Japanese Natinal Crime???

Tepco is worse than the yakuza Yamaguchi Gumi kai! At least Japan has laws against the Parasite yakuza but not yet against the parasites At Tepco and infesting Nagata cho!!!

Looks like TEPCO wants everyone to pay for the damages except their executives

Interesting how I'm not reading anything about the upper management receiving pay cuts and no retirement / severance package / benefits. Is there no hope that somehow we'll see some honesty and responsibility enforced on TEPCO?

Of course, cost-cutting was the cause of many of the problems. They cut costs when it came to safe construction. Why? To get money to build resorts?

It seems that there are many assets that should be sold off so that they can pay their debts.

The blind leading the blind. In other words, politicians (such wonderful trustworthy men - women not allowed in Japan who love to help the public) want to fix problems they created in a bi corrupt company. But they're all corrupt, so no one has faith in this. And the figures are a joke: many thousands are affected, so even if they sold every screw the company owned, they couldnt compensate the victims. This is about saving TEPCO. Pitiful.

There you go! Talk of cutting golden parachutes already gone! Look down people, and you might find you are wearing a yoke!

The panel also warned that TEPCO may have to seek new assistance from its creditors, which include Japan’s three main banks and major life insurers, saying that fresh concessions could come in the form of eased repayment terms, debt waivers, or debt-for-equity swaps.

besides 10~15% price hike. TEPCO will continue to hurt Japan gradually and over a long period of time.