The Tokyo metropolitan government became the largest shareholder of Tokyo Electric Power Co., operator of the crippled Fukushima No. 1 nuclear power plant, at the end of March.
Staff Writer
The Tokyo metropolitan government became the largest shareholder of Tokyo Electric Power Co., operator of the crippled Fukushima No. 1 nuclear power plant, at the end of March.
The utility disclosed the information on April 10.
The Tokyo government had owned 2.66 percent of TEPCO, which remained unchanged from the end of September, when it was the third largest shareholder.
It is believed that Dai-ichi Life Insurance Co. and Nippon Life Insurance Co.--the No. 1 and No. 2 shareholders at the end of September--sold some of their TEPCO stock before the March 31 end of fiscal 2011.
The development puts TEPCO in an uncomfortable position as the Tokyo metropolitan government has been openly critical of the utility's handling of the disaster at the Fukushima plant.
Tokyo Vice Governor Naoki Inose has objected to TEPCO’s planned increase in electricity rates to help it cover the massive costs incurred by the reactor meltdowns last year.
Inose has sent the company a letter demanding that it detail the reasons for the proposed increase. He has also sounded out Chubu Electric Power Co. on the possibility of power purchases for the Tokyo metropolitan government building.