Japan Plans to Scrap First Nuclear Reactors Since Fukushima

Reuters reported Tuesday that two Japanese power companies plan to scrap three older nuclear reactors, which will be the first batch to officially close after the Fukushima nuclear disaster in 2011. Local media said two other are likely to be closed we well, with announcements expected later on this week.

As quoted in the market news:

Kansai Electric Power (TYO:9503), which depended on its nuclear fleet for nearly half of its total power output before 2011, said on Tuesday it would scrap its Mihama No. 1 and No. 2 reactors. Japan Atomic Power said it would decommission its Tsuruga No. 1 reactor. Kyushu Electric Power Company Inc. (TYO:9508) and Chugoku Electric Power Company (TYO:9504) are both expected to announce their plans to scrap two old reactors on Wednesday. The five reactors are among Japan’s oldest, ranging in age from 39 to 44 years, and have relatively low generating capacity of up to 559 megawatts each.

The moves are the first concrete sign that Japan’s nuclear industry is heeding a government request to shut down older reactors that are considered more vulnerable to natural disasters in the hope that it will ease public concerns about a restart of other reactors.

All 48 of Japan’s nuclear reactors were taken offline after an earthquake and tsunami set off meltdowns at Tokyo Electric Power’s Fukushima Daiichi plant in 2011.

Click here to read the full Reuters report.