Tokyo Electric to suffer massive costs following quake ($1.7 billion)

[jpak]

http://www.channelnewsasia.com/stories/afp_asiapacific_business/view/289694/1/.html

TOKYO: Tokyo Electric Power Co. (TEPCO) is likely to suffer extra costs of at least US$1.7 billion after its nuclear power plant was damaged by an earthquake last week, a media report said Sunday.

"It is extremely difficult" for TEPCO to resume operations at the plant by March next year as it will take time to have its quake-resistance capabilities reinforced, the Nikkei newspaper said.

Japanese authorities have ordered TEPCO to suspend operations indefinitely at the Kashiwazaki-Kariwa plant, the world's largest nuclear power facility, which was hit by the 6.8 Richter-scale quake on July 16.

Fires broke out at the plant after the powerful quake, which also caused minor radioactive leaks, leading to strong criticism of TEPCO for initially under-reporting the problems.

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