TOKYO —
Tokyo Electric Power Company (TEPCO) will ask for at least 700 billion yen in a first tranche of state aid to help cover compensation for the Fukushima nuclear disaster, reports said Tuesday.
TEPCO is seeking to receive the first disbursement from a government-backed aid institution, the Nikkei daily reported. The funds would see TEPCO avoid falling into negative net worth on its April-September balance sheet, it said.
It would also result in stronger government oversight and effectively put the utility under state management, the Nikkei reported.
The Yomiuri daily reported that TEPCO’s request could reach as much as one trillion yen to cover funds needed through to March 2012, the end of its current fiscal year.
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