Tepco faces shareholder protests

28 June 2011 Last updated at 10:32 GMT There has been growing anger over the way Tepco has handled the Fukushima Daiichi radiation crisis Japan's Tokyo Electric Power Company (Tepco) faced the wrath of shareholders at its first annual meeting since the 11 March earthquake and tsunami.

One motion called for the company to abandon nuclear energy in the wake of the Fukushima Daiichi nuclear crisis, although this was defeated.

Tepco may have to pay compensation of almost $100bn (?63bn) following radiation leaks at its nuclear plant.

Tepco shares have plunged 85% since the tsunami damaged the Fukushima plant.

The disaster caused a meltdown at three of the six reactors, and more than three months on radioactive material continues to leak from the facility.

Shareholders have criticised Tepco's management for their slow response to the crisis, accusing them of putting out inaccurate data and displaying a lack of transparency.

Some 80,000 residents living close to the plant have been forced to abandon their properties.

Executives at the meeting in Tokyo issued an apology amid angry shouts and heckling by shareholders.

One shareholder said the senior executives should commit suicide by jumping into the damaged reactors.

"All of us directors apologise deeply for the troubles and fears that the accident has caused. We're working to resolve this crisis as quickly as possible," said Tepco chairman Tsunehisa Katsumata.

Tepco has said it hoped to achieve a cold shutdown of the plant by January next year.

Earthquake risk

The biggest debate among shareholders revolved around the future of nuclear energy and what the company's stand on the issue should be.

Opponents failed to win enough support for a motion that would have forced Tepco to scrap all reactors and halt any construction of new ones.

They said nuclear power did not have a feasible future, not least because of the ongoing Fukushima nuclear crisis.

"Japan has a lot of earthquakes and after this accident I just don't think there is such a thing as safe nuclear power here," said one shareholder, Takako Kameoka.

Japan relies on nuclear power for 30% of its electricity needs.

Although thousands of those present at the six-hour meeting supported the motion, the institutional shareholders that own most of the stock were not swayed, and the motion was defeated.

Analysts said that the current power shortage in Japan was proof that the country needed nuclear power in order to meet its energy demands.

"The question is, can Japan do without nuclear power?" said Mitsushige Akino, of Ichiyoshi Investment Management Company.

"How much are the Japanese people willing to sacrifice in terms of standard of living? The sentiment is understandable, but the reality is that this is difficult without considerable sacrifice to economic growth and activity."

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Tepco confirms extra rod meltdown

24 May 2011 Last updated at 03:59 GMT The problems with the Fukushima nuclear plant have raised questions over Tepco's future Tokyo Electric Power (Tepco) has confirmed the meltdown of extra fuel rods in reactors at its damaged Fukushima nuclear power plant.

The company said that the rods were in its Number 2 and Number 3 reactors.

Tepco has been trying to contain radiation from the plant, crippled by the 11 March earthquake and tsunami.

The company said that it planned to stick to its timetable of getting the radiation under control by January.

Tepco's announcement came on the same day that a team from the United Nations' atomic watchdog, the International Atomic Energy Agency (IAEA), kicked off a visit in Japan.

100 hours Continue reading the main story

Based on our analysis, we have reached the conclusion that a certain amount of nuclear fuel has melted down.”

End Quote Ken Matsuda Tepco Earlier this month, Tepco had revealed that rods at its Number 1 reactor melted down. It was thought that a similar problem had occurred in the other reactors but it was difficult to confirm.

"Based on our analysis, we have reached the conclusion that a certain amount of nuclear fuel has melted down," Ken Matsuda, a Tepco spokesman told the BBC.

He said the analysis came from a report that Tepco was required to submit to Japan's Nuclear and Industrial Safety Agency (Nisa).

The spokesman added that most of the fuel from the Number 2 reactor had melted approximately 100 hours after the earthquake, which measured 9 on the Richter scale, struck Japan.

The meltdown in the Number 3 reactor took place about 60 hours after the quake.

Mr Matsuda said the new discovery would not alter Tepco's plans.

The company has said that it wants to reach a "cold shutdown" of the power plant by January, and has been trying to cool the reactors and get the unstable fuel rods back under control.

"This result does not change our work," he said.

Continue reading the main story Roland Buerk BBC News, Tokyo

Japan's government has faced some criticism at home, and from its neighbours, over its handling of the crisis at the Fukushima nuclear power station.

The Chief Cabinet Secretary Yukio Edano has said the team from the International Atomic Energy Agency is being welcomed into the country to demonstrate transparency.

Led by Mike Weightman, Britain's chief inspector of nuclear installations, the 20 experts from a dozen countries are expected to visit the crippled plant.

They'll also meet officials as they compile a report which will be presented to member states of the IAEA next month.

The aim is to learn lessons to improve nuclear safety worldwide, and to share expertise.

Radiation monitoring Earlier in May, Tepco revealed that the damage sustained by the Number 1 reactor immediately after the earthquake and tsunami was far more severe than initially thought.

Professor Nobumasa Akiyama of Hitotsubashi University in Tokyo said Tepco's new revelation reinforces that idea.

In an effort to better understand the current situation in Japan specialists from the IAEA are joining other international experts in Tokyo for a fact-finding mission.

They are expected to submit a report on Japan's handling of the nuclear crisis to present to the IAEA's member states.

The group is expected to visit the Fukushima nuclear plant, though details have not been finalised.

Professor Akiyama said that the IAEA had come under criticism for its reaction to the Fukushima crisis.

"First of all, it has not been able to provide the information on what's going on on the ground," he said. "Secondly, it hasn't been able to provide a prescription for the solution of the crisis."

Mr Akiyama said the nuclear agency would be expected to provide more guidelines for nuclear safety after the visit to Japan this week.

He added that it may need to be beef up its funding and staff if it was going to be able to fulfil its mandate.

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