Monday, May 9, 2011

Rebuilding Japan's Nuclear Power Plant

While the buzz may have died down somewhat about the nuclear disaster that happened in Japan, there are still elements of the fiasco that are still able to make news.  Tepco (Tokyo Electric Power Co.) has recently submitted a plea for government aid to assist in the rebuilding of the nuclear plant in question.  With so much controversy surrounding the topic, they're going to have a rough time.  The Japanese government has expressed dissatisfaction with the reconstruction proposed by Tepco.  Tepco is also unable to claim that they are exempt from paying compensation under a law from 1961 that provides an exemption for unforeseeable disasters;  Japanese government officials have claimed that a plant in Northern Japan should have known that major quakes and tsunamis were likely to hit the area and therefore should have prepared more fully.  This is not to say that Tepco will receive no aid in their reconstruction; the government is currently looking into solutions for the problem, including a government stake in the company.  For more info, check out this WSJ article.

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