A panel of experts will discuss reforms at Tokyo Electric Power Company Holdings Inc., including the costly plans to scrap its Fukushima No. 1 nuclear power plant, Industry minister Hiroshige Seko said Tuesday.
The costs of decommissioning the plant, ravaged by the 2011 triple meltdown, is expected to far exceed the initial estimate of ¥2 trillion, prompting the government to review its financial aid to the utility with the help of the private sector.
The government-appointed panel will meet for the first time in early October and draft proposals by year-end, Seko said, as Tepco plans to revise its business plan, compiled in 2014, possibly early next year.
Members of the panel include Akio Mimura, head of the Japan Chamber of Commerce and Industry, and other senior officials of major business groups. Tepco President Naomi Hirose will also join as an observer.
The utility’s business has been pressured by the costs of cleaning up contaminated areas and compensating those affected by the accident.
The growing costs of scrapping the plant as well as increased competition in the sector led the company to seek fresh government assistance in July.