Tepco Tumbles 7% After Anti-Nuclear Candidate’s Surprise Governor Election Win

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Japan’s public is not ready to restart nuclear power generation.

Ryuichi Yoneyama, a doctor-lawyer who has never previously held office, won the race for governor of Niigata on Sunday. He ran on the platform that he would not allow the Kashiwazaki-Kariwa power station, owned by Tokyo Electric Power Company, or TEPCO (9501.Japan), to restart operations.

Yoneyama had more than 500,000 votes versus rival candidate’s 430,000 votes with 93% of the votes counted.

TEPCO was put under government control the year after the traumatic Fukushima catastrophe in March 2011 and is vital to Prime Minister Shinzo Abe‘s energy policy. Abe hopes to revive nuclear power generation to provide for 30% of Japan’s energy needs.

TEPCO tumbled 6.7% in Tokyo.

http://blogs.barrons.com/asiastocks/2016/10/16/tepco-tumbles-7-after-anti-nuclear-candidates-surprise-governor-election-win/

 

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