June 27, 2012 / 6:49 AM / 6 years ago

Tepco shareholders OK $12.6 billion government injection

TOKYO (Reuters) - Tokyo Electric Power Co (9501.T) shareholders voted on Wednesday to approve the Japanese government’s 1 trillion yen ($12.58 billion) capital injection, to avert the collapse of the utility in the aftermath of the Fukushima nuclear crisis.

Tokyo Electric Power Co (TEPCO) staff bows deeply as shareholders enter the venue of the company's annual general shareholders' meeting in Tokyo June 27, 2012. REUTERS/Toru Hanai

The capital injection will hand control of Tepco to the government and brings total state support for the company to at least 3.5 trillion yen since reactor meltdowns at the Fukushima Daiichi plant triggered by last year’s earthquake and tsunami.

Shareholders at the utility’s annual general meeting also rejected a proposal to scrap all seven reactors at Tepco’s Kashiwazaki-Kariwa plant, the world’s biggest nuclear facility, on the Sea of Japan coast.

The proposal called for replacing the plant with a new fuel-efficient, gas-fired combined cycle power station at the site.

The eventual cost of the Fukushima nuclear disaster, including compensation and cleanups, has been estimated at more than $100 billion.

($1 = 79.4650 Japanese yen)

Reporting by Osamu Tsukimori; Editing by Aaron Sheldrick and Michael Watson

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