Japan wants Tepco to cut at least $33b in costs
Tuesday, 25 October 2011
TOKYO, Oct 24 (Reuters): Japan's trade minister said Monday he told Tokyo Electric Power Co to cut at least 2.5 trillion yen ($33 billion) in costs over 10 years, more than double the amount planned several months ago by the operator of the crippled nuclear plant in Fukushima.
Yukio Edano told Tokyo Electric President Toshio Nishizawa that he expects cuts totalling a minimum of 2.5 trillion yen, a target set by a government panel earlier this month, if the troubled utility is to qualify for a tax-funded bailout.
The company is also expected to announce a more comprehensive business plan early next year.