As part of its "Interim Business Operation and Rationalization Measures" announced on Friday, Tokyo Electric Power Company (TEPCO), the operator of Japan's quake-wrecked nuclear power plant, said it will restructure its internal organization.
In order to steadily fulfill the "Roadmap toward restoration from the accident at Fukushima Daiichi Nuclear Power Station," the company will establish the "Fukushima Daiichi Stabilization Center" inside the Nuclear Power & Plant Siting Division. To enable the center to cope with the rapidly changing situation of the power station in a flexible and appropriate manner, the center will be located in the Hama-dori region within Fukushima Daini Nuclear Power Station.
The Deputy General Manager of the Nuclear Power & Plant Siting Division will be the resident superintendent. By conducting a technical study at the site, the company experts will carry out a thorough hands-on approach and implement planned measures as well as construction work in cooperation with the power station.
Eight divisions will be established within the center, assigned with the task of implementing measures to achieve restoration from the accident as soon as possible.
A "Fukushima Daiichi Stabilization Center Preparation Officer" has been appointed to oversee the establishment of the center. TEPCO management has set June 28 as the scheduled date for implementation of the plant stabilization measures.
The company has also decided to rename the "Marketing & Sales Division," which serves as a contact point between corporate and domestic customers, as the "Customer Relations Division."
The company has said that while "sincerely responding to all customer comments," it will "ask for their cooperation in conserving electricity, along with introducing measures to control demand." Furthermore, the Marketing & Customer Relations Department's "Center for Home Energy Promotion" will be closed.
The Corporate Marketing & Sales Department's "Energy Solution Department for Industrial Customers" and the "Energy Solution Department for Commercial Customers" will be renamed the "Commercial Customer Energy Department" and the "Industrial Customer Energy Department", respectively, from June 1.
In a separate press release, the company said it is withdrawing the "2020 Vision", TEPCO's mid-to-long term growth declaration, because of the "huge impacts and damages on our important facilities by the quake."
It has decided to suspend all of the investments except those essential to stable power supply in TEPCO's area in order to more concentrate on domestic power supply operations.
The company has also implemented a restructuring at the top-level management.
Managing Director Toshio Nishizawa will replace Masataka Shimizu as TEPCO President.
Zengo Aizawa is the new Executive Vice President, while Toshihiro Sano becomes the new Managing Director. Three other Directors also have resigned. The changes will be effective on June 28.
Announcing his resignation earlier in the day, Shimizu said the accident at TEPCO-run nuclear plant in Fukushima Dai-Ichi has "undermined trust in nuclear safety and brought much grief and fear to society."
TEPCO reported a net loss of 1.25 trillion yen or $15.3 billion in the fiscal year ended March, which is the biggest in Japan's corporate history outside the financial sector.
The Japanese government approved a plan last Friday to create a state-backed institution from which the company could draw money to pay out claims.
In return, TEPCO will be put under scrutiny to make sure that it squeezes out the costs by streamlining efforts, and will remain listed on the stock exchange but will use profits to pay back the money over a period of several years.
TEPCO is further cutting salaries of its executives from May and would sell more assets, as it faced "an extremely severe situation" in terms of raising funds.
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May 15, 2026 15:25 ET Apart from the confirmation of Kevin Warsh as the next Fed chair, the main news on the economics front this week included key price data from the U.S. and the first quarter economic growth figures from major economies. Both consumer prices and producer costs have started to reflect the effect of supply shocks due to the Middle East conflict. In Europe, GDP data was in focus, while inflation data from China dominated the news flow in Asia.