• 14 hours Hedge Funds Having A Banner Year
  • 17 hours Disney Heiress Asks “Is There Such A Thing As Too Much?”
  • 20 hours BHP Turns Bullish On EVs
  • 22 hours Investors Turn Bullish On America’s Nuclear Decommissioning Business
  • 2 days The $90M Inflatable Rabbit Redefining Modern Art
  • 2 days Huawei’s Fate In The Air
  • 2 days Tesla Slashes Prices Again
  • 2 days The Modern History Of Financial Entropy
  • 3 days Italy’s Central Bank Embraces Sustainable Investing
  • 3 days Trump Lifts Metals Tariffs To Cool Simmering Trade War
  • 3 days Researchers Push To Limit Space Mining
  • 3 days Could China Start Dumping U.S. Treasury Bonds?
  • 4 days Is Winter Coming For HBO?
  • 4 days Rise Of EVs Signals Peak Gasoline
  • 5 days Jeff Bezos Doubles Down On Space Colonization Ambitions
  • 5 days Gold Mining Stocks Stuck In Limbo
  • 6 days Executive Order Targets Huawei Over Espionage
  • 6 days Why Now May Be The Best Time Ever To Hold Gold
  • 7 days Fake News Sinks Shares In UK-Based Bank
  • 7 days De Beers To Build $468 Million Diamond Recovery Ship
Economists: Higher Oil Prices Here To Stay

Economists: Higher Oil Prices Here To Stay

A group of 31 economists…

Rise Of EVs Signals Peak Gasoline

Rise Of EVs Signals Peak Gasoline

Vehicles with internal combustion engines…

Oilprice.com

Oilprice.com

Writer, OilPrice.com

Information/Articles and Prices on a wide range of commodities: We have assembled a team of experienced writers to provide you with information on Crude Oil,…

Contact Author

  1. Home
  2. Commodities
  3. Energy

Fukushima Decommissioning To Cost $75 Billion

Nuclear

The decommissioning of the Fukushima nuclear power plant will cost an annual US$2 billion (220 billion yen) until 2021, an unnamed source told the Japan Times.

Half of the money will be used to tackle the radioactive water buildup at the site of the plant and for removing radioactive fuel from the fuel pools. A small amount of funds will be used to research ways of retreating melted fuel from the reactors that got damaged during the 2011 tsunami disaster.

The US$6 billion for the three years is only part of the total estimated cost for taking Fukushima out of operation.

The total decommissioning tally came in at US$75 billion (8 trillion yen), as estimated by the specially set up Nuclear Damage Compensation and Decommissioning Facilitation Corp (NDF). That’s four times more than the initial estimate of the costs around the NPP’s decommissioning.

Now the operator of Fukushima, Tepco, and the NDF are due to submit their financial plan for the facility to the government for approval by the energy industry minister.

In addition to the US$6 billion allocated for the cleanup, Tepco will spend another US$1.88 billion (200 billion yen) on preparing to start extracting the melted fuel from the three damaged reactors. This seems to be the biggest challenge for the cleanup efforts because of the still high radiation levels as well as technical difficulties.

Related: Gold Investors Shouldn’t Expect A Replay Of 2008

Tepco is still reeling from the effects of the 2011 tsunami and resulting nuclear meltdown. Around 15,000 people died in March 2011, when a magnitude-9 quake caused a deadly tsunami and erased the coastline in the area of the nuclear power plant.

At the end of 2016, the Japanese government revised upwards the total costs of the disaster to US$192 billion (21.5 trillion yen), stepping up pressure on Tepco to clean up its act and implement urgent reforms to its safety procedures.

By Irina Slav for Oilprice.com

More Top Reads From Safehaven.com:

Back to homepage

Leave a comment

Leave a comment