• ¥1.5 trillion yearly loss possible thanks to Fukushima source

• » That’s $18 billion dollars, guys: While many parts of Japan struggle to recover from March’s earthquake, TEPCO’s financial loss — part of the reason the company’s president, Masataka Shimizum, likely plans to step down —would be downright dramatic. When it announces earnings today, the loss could be absolutely insane. But it wouldn’t be a record. That dubious honor goes to Mizuho Financial Group, which lost ¥2.38 trillion ($20.3 billion) in a single fiscal year back in 2003. Meanwhile, TEPCO struggles with power outages, a nuclear meltdown, and huge radiation-related claims that could top ¥11 trillion ($134 billion). These factors combined — which won’t be one-time payments — may force Japan to take the power company over.

Posted by Ernie Smith • Permalink