TEPCO to seek 1 tln yen in public fund injection

Tokyo Electric Power Co. is set to request Thursday an injection of 1 trillion yen in public funds from a state-backed entity to avoid insolvency, as it struggles under the weight of the accident at its Fukushima Daiichi nuclear power plant. Japan's largest utility known as TEPCO reached the decision to seek a capital injection from the Nuclear Damage Liability Facilitation Fund at its board of directors meeting held in the morning, according to Japan's (Kyodo) News Agency. The company also decided to seek about 850 billion yen in additional financial assistance, which will be used for the ballooning compensation payments related to the accident, triggered by the huge earthquake and tsunami on March 11, 2011.