TEPCO’s Fantasy World

TEPCO released this unrealistic statement to the press today. The report was for their creditors. In this report TEPCO claims they plan to restart Kashiwazaki Kariwa by January and return to profitability in fiscal 2013. There are just a few things standing in their way.

This does not take into account the massive amounts of money that need to be paid to the 160,000 people displaced by their disaster. It does not take into account the massive ballooning costs at Fukushima Daiichi. Just last week TEPCO said they didn’t have the money for the frozen wall needed at the plant and asked the government to pay for it. TEPCO also has an unpaid bill to the government for the decontamination work done to date. TEPCO is refusing to pay it. Then there is the massive mess at Fukushima Daiichi that still needs to be handled.

As for restarting Kashiwazaki Kariwa, that seems a challenge in many ways. The units are all BWR reactors, the same type as Fukushima Daiichi, just newer models. The central government plan has leaned more towards possibly letting the PWR reactor units restart. PWR units have their own dangers and flaws but they are at least seen as “safer”. There is an earthquake fault under the plant that still needs to be inspected by the NRA. If that fails to pass, the units will not be allowed to restart. The units at Kashiwazaki Kariwa also need to pass the NRA’s new safety inspections. The NRA has said those will take at least a year.

TEPCO obviously knows this is all pure fantasy. This “plan” was given to their creditors to try to prevent the inevitable failure of the company. Concerns were made in recent months that if TEPCO can’t become profitable the big banks would credit given to the company. TEPCO recently claimed a profit but did so by recording another injection of government money to the company and declaring it as “profits”. Abe has decided turning a blind eye to the growing mess at Daiichi is his best political move. At the same time the situation grows even more enormous and is becoming an international incident. People outside Japan are not willing to accept the wholesale pollution of the Pacific. Russia just turned back another load of radioactive used cars.

Meanwhile TEPCO is still floundering. The new well dug to pump out contaminated groundwater near the port is only pumping out half of the amount TEPCO said it would.


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