Tepco Looks to Sell Some of its Uranium Stockpiles to Cut Costs

The Japan Times reported that the Tokyo Electric Power Co. (TYO:9501) is planning to sell a portion of its uranium stockpiles in the current business year to cut costs as the restart of idled nuclear plants remains uncertain.

As quoted in the market news:

Tepco has not consumed uranium since the 2011 nuclear crisis started at its Fukushima No. 1 complex that eventually resulted in all of Japan’s nuclear reactors being taken offline amid safety concerns. By reducing the stockpiles, the utility is seeking to slash costs for managing them as it faces funding difficulties stemming from the nuclear crisis.

According to the document, Tepco aims to reduce the amount of uranium to levels prior to the Fukushima disaster by the end of fiscal 2015 through March. The company estimated in the paper it can secure ¥12.3 billion ($103.13 million) by selling around half of the planned amount.

The utility is hoping to restart by October its Kashiwazaki-Kariwa nuclear plant, located on the Sea of Japan coast in Niigata Prefecture, but the outlook remains unclear due to the ongoing process for safety screening by the regulator and local reluctance to give approval for the resumption.

Click here to read the full Japan Times report.