Tepco to divert $7.2 billion from 10-year capex budget to Fukushima: sources

The operator of the Fukushima nuclear plant plans to rechannel 740 billion yen ($7.24 billion) from its 10-year capital investment budget to address problems at the crippled facility such as a buildup of contaminated water, people involved in the matter said on Friday. Tokyo Electric Power Co (Tepco) will also divert another 790 billion yen from the 6.6 trillion yen capital spending plan to invest in promising businesses and secure overseas resource supplies, the sources told Reuters on condition of anonymity. A Tepco representative declined comment on the company's plans. Tepco, which has posted more than $27 billion in net losses since the Fukushima plant was wrecked by the March 2011 earthquake and tsunami, is racing to revise its business revival plan by next month to meet a deadline set by its lenders.

via Business News - Yahoo Finance http://finance.yahoo.com/news/tepco-divert-7-2-billion-103905089.html