Tokyo Electric Power Co. and a state-backed bailout fund handed the government Friday a 10-year restructuring plan to stave off insolvency amid the massive costs it faces stemming from the Fukushima No. 1 nuclear plant crisis.
Tepco's comprehensive special business plan, if approved by industry minister Yukio Edano, would pave the way for the injection of ¥1 trillion in public funds into the nation's biggest utility as early as July, when it is also planning to hike household electric rates by some 10 percent.
Kazuhiko Shimokobe, a lawyer and a key figure in the Nuclear Damage Liability Facilitation Fund, will become the next Tepco chairman and create a team under his control to oversee the reform process and address problems that may occur due to the sectionalism that has apparently plagued Tepco, sources said Thursday.