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Struggling TEPCO to gain additional funding from 3 national megabanks via Asahi Shimbun

In a show of confidence, the nation’s top three banks and other financial organizations who have been funding embattled Tokyo Electric Power Co. have agreed to extend 280 billion yen ($2.26 billion) in loans to the utility for the fiscal year.

The entities concluded that TEPCO, the operator of the crippled Fukushima No. 1 nuclear power plant, has been successful in cutting costs.

The utility has secured a pretax profit and been in the black for two years in a row, even without the restart of its Kashiwazaki-Kariwa nuclear power plant in Niigata Prefecture.

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