January 29, 2023
Chicago 12, Melborne City, USA

Tokyo Electric Power shares jump on nuclear restart hopes


Tokyo Electric Power Co. Holdings Inc. 9501,
+ 12.72%
Shares rose on Friday morning in rising hopes of reopening a government-led nuclear reactor.

Shares of the company recently rose 8.8% to 496 yen (3.81), up 10% from earlier.

The Tokyo metropolitan government said Monday it had made a shareholder proposal, requesting Tokyo Electric to restart the nuclear reactor, citing a potential power shortage later this year.

Markets in Japan were closed from Tuesday to Thursday for public holidays. The Metropolitan Government owns 1.2% stake in the power company.

Meanwhile, Prime Minister Fumio Kishida said in a speech in London on Thursday that the government plans to use nuclear energy to contribute to reducing Russia’s global dependence on energy, according to media reports.

Kishida said in April that the government planned to make maximum use of nuclear energy to secure a stable power supply, which would then increase the power company’s stock.

Other utility stocks were also higher on Friday. Shares of Kansai Electric Power Company 9503,
+ 4.55%
Shares of Chugoku Electric Power Company rose 3.2% to 9504,
+ 5.11%
Was 3.8% higher.

The reopening of existing nuclear reactors in Japan has been a contentious issue since the Fukushima nuclear disaster in March 2011.


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