NEW YORK - Shares of Tokyo Electric have crashed over 60% as people sell the stock because of the disasters at Fukushima. The company will also face large costs for cleanup and rebuilding related to the tsunami and earthquake. Tokyo Electric will have the highest costs among Japanese energy companies since it is the largest. Fukushima is where Tokyo's Electric's nuclear power reactor has been left on without a cooling system causing radiation to leak into the atmosphere and a possible meltdown. Fukushima used to be one of the world's largest complexes of nuclear power plants, but likely the plant has not future. The radiation levels there have occasionally moved to life threatning levels, as people fear the worst. The U.S. Government has told its citizens to not go withing 50 miles of the plant.
There are worries that the radiation plumes can reach the U.S., Japanese officials are looking into who is to blame for the disaster, it is unlikely to be Tokyo Electric because Japanese law does not hold companies responsible when there is a natural disaster to the extent of the Japanese Quake.
No comments:
Post a Comment