TEPCO Suffers Wrath of Kan
TEPCO lost 750,000 customers and has seen their profits drop by 37% in their newest financial reports. This is a combination of national rate adjustments that lowered power rates the utility can charge customers and the deregulation of Japan’s electric utilities.
PM Naoto Kan negotiated a new law as part of his being pushed out of office back in 2011. The law deregulated electricity markets in Japan, freeing up consumers to pick their power utility. The law also established a favorable system for renewable energy. This all was established in a way that would assure it would live on long after Kan left office.
Power consumption in Japan has also dropped. The aging population and better power conservation tactics put in place in 2011 contribute to that decline. The combination of deregulation, less consumption and low power rates worked together to give TEPCO a financial hit.
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