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Japan nuclear compensation bill could be enacted in Aug
Source: Agencies |
July 23, 2011, Saturday
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A BILL that would help compensate victims in Japan for the world's worst nuclear accident in 25 years could be enacted as early as next month after ruling and opposition parties agreed to changes on the bill, the Nikkei business daily reported today.
The bill drafted by the ruling Democratic Party is designed to help Tokyo Electric and Power (Tepco) , the owner of a nuclear power plant crippled by a deadly earthquake and tsunami in March, with compensation payments.
The natural disasters have forced the evacuation of tens of thousands of residents and brought some of reactors at the damaged Fukushima Daiichi plant into meltdowns, causing radiation leaks.
The opposition Liberal Democratic Party and the New Komeito Party got the ruling party to include in the bill a statement of government responsibility for the handling of the crisis and to also review the bill's original intention of saddling Tepco with unlimited liability, the Nikkei said.
The keystone of the bill is a creation of an institution funded by Japan's other power utilities to help Tepco with the compensations.
The three parties reached an agreement to keep separate books for each contributing utility, with their burdens to be reviewed once the full extent of the compensation payments becomes clear, the newspaper added.
In May, Tepco reported an annual loss of US$15 billion and since the disaster, its shares have plummeted and its corporate rating has fallen to junk status.
The bill drafted by the ruling Democratic Party is designed to help Tokyo Electric and Power (Tepco) , the owner of a nuclear power plant crippled by a deadly earthquake and tsunami in March, with compensation payments.
The natural disasters have forced the evacuation of tens of thousands of residents and brought some of reactors at the damaged Fukushima Daiichi plant into meltdowns, causing radiation leaks.
The opposition Liberal Democratic Party and the New Komeito Party got the ruling party to include in the bill a statement of government responsibility for the handling of the crisis and to also review the bill's original intention of saddling Tepco with unlimited liability, the Nikkei said.
The keystone of the bill is a creation of an institution funded by Japan's other power utilities to help Tepco with the compensations.
The three parties reached an agreement to keep separate books for each contributing utility, with their burdens to be reviewed once the full extent of the compensation payments becomes clear, the newspaper added.
In May, Tepco reported an annual loss of US$15 billion and since the disaster, its shares have plummeted and its corporate rating has fallen to junk status.
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