Tepco to Sell Real Estate, Seek Partners in New Strategy
(Bloomberg) -- Tokyo Electric Power Co. is aiming to sell around 200 billion yen ($1.3 billion) of assets within three years, as it looks to fund its Fukushima clean-up efforts and meet rising power demand.
Japan’s biggest utility has identified 60 or so properties to sell, and would also offload some securities holdings and affiliate shares, it said in a business plan that was approved by the government on Monday. Tepco shares fell 3.8% on the day.
The asset sales would cut around 3.1 trillion yen of costs through 2034, and Tepco will also seek proposals from potential alliance partners to secure investments and boost its business, it said.
The utility needs funds to continue decommissioning the Fukushima Dai-ichi Nuclear Power Plant, which was hit by a meltdown after an earthquake and tsunami in 2011. Rising electricity demand from data centers used for artificial intelligence is also increasing the need for more investment. Tepco recently restarted a reactor at its Kashiwazaki Kariwa nuclear plant, although the process has been delayed by electrical issues.
The company will start seeking proposals from potential partners as soon as preparations are put in place, Tepco President Tomoaki Kobayakawa said at a press conference on Monday.
Tepco also announced its earnings guidance for the fiscal year ending March 31, which had been left undecided. The firm sees a net loss of 641 billion yen for the full year.
(Updates with comments from Tepco president, earnings guidance and share move.)
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