TOKYO (AP) — The operator of Japan's tsunami-devastated nuclear plant has submitted a restructuring plan in which it promises to cut costs in exchange for a government bailout.
Tokyo Electric Power Co. needs to fund billions of dollars of compensation payments as well as the massive cost of scrapping the Fukushima Dai-ichi nuclear plant. Three reactors at the plant suffered meltdowns in March last year in the worst nuclear accident since Chernobyl.
TEPCO declined to give details of the plan submitted Friday. News reports say it intends to cut $37 billion in costs and raise electricity bills by 10 percent in exchange for a $12 billion public bailout.
It is unclear whether the proposal will be approved amid public discontent over TEPCO's handling of the crisis.