Japan Atomic Power Company (JAPC) might receive about $3.22b (JPY350b) from five major utility firms to reboot the idle nuclear plant Tokai No. 2 Power Station in Ibaraki Prefecture northeast of Tokyo, according to Japan’s news agency.
Most or 80% of the funds will come from Tokyo Electric Power Company (TEPCO) and Tohoku Electric Power whilst the remaining three, namely Chubu Electric Power, Hokuriku Electric Power and Kansai Electric Power will bear the rest of the cost.
Japan Atomic Power intends to use the funds for ensuring the safety of the ageing reactor, but the resumption of the plant remains unclear due to little progress in clinching approval from local governments.
Nuclear reactors are allowed to run for 40 years in Japan, but can be approved for an additional 20-year period under certain conditions.
