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Press Release (Mar 29,2012)
Application to Modify Contents of Financial Support

Today, TEPCO has submitted an application to the Nuclear Damage Compensation Facilitation Corporation (the "Corporation") to modify the contents of financial support (change the amount of financial support and request the subscription of shares) based on the Clause 43, Article 1 of the Act to Establish the Nuclear Damage Compensation Facilitation Corporation.

On December 27, 2011, we submitted an application to the Corporation to change the amount of financial support and on February 3, 2012, we submitted an application to the relevant ministers to modify the Emergency Special Business Plan. On February 13, the ministers approved the modification of the plan and the Corporation approved the change in the amount of financial support.

Thereafter, following the “Secondary Supplement of the Interim Guidelines on Criteria for Determining Nuclear Damage Indemnification Coverage due to the accident in Fukushima Daiichi and Daini Nuclear Power Plant (Losses related to the revision of the evacuation area per the government)” set by the Dispute Reconciliation Committee for the Nuclear Damage Compensation, we have revised the estimated amount of compensation from 1,700,322 million yen as stated in the Emergency Special Business Plan to 2,546,271 million yen and today resubmitted an application for the change in the amount of financial support.

In addition, in order to prepare for necessary compensation payouts, the steady  decommissioning of Unit 1 to 4 at Fukushima Daiichi Nuclear Power Plant, securement of sufficient capital for stable power supply, and early bond issuance to be able to raise funds independently, we have also submitted a request for the subscription of shares based on the Act to Establish the Nuclear Damage Compensation Facilitation Corporation on the condition that the increase of the shares authorized to be issued will be approved at our shareholders' meeting this June.

While we requested a capital injection of 1 trillion yen in total through the subscription, the contents of the financial support including the capital injection amount is subject to and will be determined following the review and approval of the Comprehensive Special Business Plan by the Corporation's steering committee and the relevant ministers. We will make a further announcement once the contents of the financial support have been decided.

 

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