Shareholders to tell Tepco to build thermal plant

Kyodo

A group of individual shareholders of Tokyo Electric Power Co. plans to propose at this year’s shareholders’ meeting that the utility scrap its nuclear reactors in Niigata Prefecture and build on the site a thermal power station fired by liquefied natural gas.

It will be the 21st time that the group has proposed during a shareholders’ meeting that the utility quit nuclear power.

Tepco has three nuclear plants — the Kashiwazaki-Kariwa plant in Niigata Prefecture and the Fukushima No. 1 and No. 2 plants in Fukushima Prefecture. Both plants in Fukushima were affected by the huge earthquake and tsunami on March 11, 2011.

“As Tokyo Electric will unlikely be able to reactivate the No. 1 and No. 2 nuclear power plants, our latest proposal would effectively lead the company to end nuclear power generation,” a group member said in Tokyo.

The group will also make four other proposals at the annual meeting, likely to be held in June, including selling Tepco’s power transmission and distribution facilities to cover the massive redress payments it owes due to the crisis. It also wants lifetime health surveys on the people who worked to contain the crisis.

According to the group, the members hold more than 30,000 shares, the threshold for making a proposal at a shareholders’ meeting. Tepco has about 1.6 billion shares outstanding.