Business plan

Tepco promises reform in new business plan after scandals

Tokyo Electric Power Company Holdings Inc. has pledged drastic reforms to strengthen its corporate governance in a new special business plan leaked on Wednesday.

Tepco has filed for government approval of the plan, which prioritizes governance reforms after security and other issues were discovered at its Kashiwazaki-Kariwa nuclear power plant in Niigata Prefecture.

The special plan also includes up to 3 trillion yen in new investments over the decade up to fiscal year 2030 to develop renewable energy sources with the aim of achieving decarbonization.

“We will transform Tepco into a company capable of meeting the expectations of society,” President Yoshimitsu Kobayashi told Industry Minister Hiroshi Kajiyama after submitting the special plan to the government.

Tepco will actively work to combat negative rumors about a plan to discharge treated water containing radioactive tritium from its molten Fukushima No.1 power plant into the ocean, which was adopted by the government in April of this year.

Tepco plans to continue to generate an annual profit of around 450 billion yen after setting aside 500 billion yen each year for new expenses related to the dismantling of nuclear power plants and compensation for damage caused by the nuclear accident. .

The company aims to halve carbon dioxide emissions from its electricity sales operations from the level in fiscal 2013 through fiscal 2030, which ends in March 2031.

It also plans to achieve carbon neutrality across all of its energy activities, including its gas activity, by 2050.

Tepco, placed under effective state control following the nuclear disaster at the Fukushima plant, regularly draws up a special business plan.

The company planned to release the latest in the spring of last year, but it was delayed amid the new coronavirus crisis.

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