The Tokyo Metropolitan Government became the largest shareholder in Tokyo Electric Power Co. at the end of March, the utility said Wednesday, after other top shareholders — Dai-ichi Life Insurance Co. and Nippon Life Insurance Co. — sold parts of their stakes.
At the end of September, Dai-ichi Life was Tepco’s largest shareholder with a 3.42 percent stake, followed by 3.29 percent for Nippon Life Insurance and 2.66 percent for the Tokyo Metropolitan Government.
The share sale by the two life insurers followed a plunge in Tepco’s stock price after the devastating March 2011 accident at its Fukushima No. 1 nuclear plant.
Tokyo Vice Gov. Naoki Inose has opposed Tepco’s rate hike plans and indicated he hopes to attend a June shareholders’ meeting.