Financial Insights That Matter
(Bloomberg) — After more than a decade of inactivity, Japan’s biggest nuclear power plant is ready to restart — but it faces an indefinite wait.
Most Read from Bloomberg
The Kashiwazaki Kariwa plant on the country’s western coast essentially has all but one of the necessary approvals to start producing power. Regulators and international nuclear officials are a go, but without a green light from the local governor, the Tokyo Electric Power Co.-owned plant is stuck in limbo.
The uncertainty over the future of KK, as the site is known, reflects Japan’s complicated relationship with nuclear power.
The country shuttered its entire fleet of reactors after the 2011 earthquake and tsunami that triggered a meltdown at Tepco’s Fukushima facility. While polls show that more than half the population now support the idea of restarting inactive reactors, compared with about a quarter in 2015, Tepco has some way to go in winning back trust.
Japan has restarted 14 reactors in the last decade to meet growing demand for power in the world’s fourth-biggest economy, but not one is run by Tepco. Reviving KK will go a long way toward restoring the company’s reputation.
“The most urgent goal is to restart Kashiwazaki Kariwa,” said Tatsuro Kobayashi, general manager for Tepco’s nuclear safety management department. “The most difficult part is to get agreement from the Niigata governor.”
While other prefectures have approved nuclear plants shortly after they were cleared by regulators, Niigata Governor Hideyo Hanazumi hasn’t said when or how he will make a decision. It’s possible the prefectural assembly will vote on the issue, and local residents have submitted petitions seeking a referendum.
“The issue is that we don’t know,” Tatsuya Matoba, a deputy manager at Tepco’s global communications group, said this week. “What we have to do now is explain to the local people about the status of the plant and what we have done.”
Hanazumi’s office didn’t respond to an email inquiry on Thursday.
Tepco is moving forward on the assumption the final approval will come. The company loaded fuel into Unit 7 last year and the reactor has been ready to go since June, Kobayashi said on Wednesday at the Asia Pacific Nuclear Energy 2025 conference in Tokyo. Workers are set to load Unit 6 in a few months.
#1a73e8;">Boost Your Financial Knowledge and Achieve Stability
Discover a growing online community dedicated to delivering financial news, tips, and strategies designed to help you manage money effectively, save smarter, and grow your investments with confidence.
#1a73e8;">Top Financial Tips for Saving and Investing
- Personal Finance Management: Master the art of budgeting, expense tracking, and building a strong financial foundation.
- Investment Opportunities: Stay updated on market trends, learn about stocks, and explore secure ways to grow your wealth.
- Expert Money-Saving Advice: Access proven techniques to reduce expenses and maximize your financial potential.