Tokyo Electric Power Company Holdings Inc. will delay a decision on whether to seek an end to its state control by about two years to fiscal 2019 amid ballooning costs stemming from the 2011 Fukushima nuclear disaster, an outline of its new business plan showed Wednesday.
The move is another sign the utility is struggling to revive its business even after receiving a capital injection of 1 trillion yen ($9 billion) from the government in 2012 to bolster its financial standing. But disaster cleanup costs have continued to rise, with the latest estimate reaching 22 trillion yen.
Under its latest business turnaround plan, which will be the third major revision since the first one was formulated in 2011, TEPCO aims to realign or integrate its nuclear and power transmission and distribution businesses with other utilities to improve its profitability. But it is uncertain whether business will get back on track as planned, with other utilities cautious about such tie-ups.