No money to develop renewables: Japan

TOKYO - The Associated Press

The logo of Tokyo Electric Power Co (TEPCO) is seen at its headquarters in Tokyo. Japan is facing a large energy problem after the devastating accident at a TEPCO plant. REUTERS photo

The head of the Japanese utility that owns the tsunami-hit Fukushima nuclear power plant says his company has no money to develop alternative energy.

Naomi Hirose, president of Tokyo Electric Power, also has said nuclear power should remain a part of the nation’s energy mix.

TEPCO was saddled with huge compensation and cleanup costs after an earthquake and tsunami last year destroyed a nuclear power plant, causing extensive meltdowns.

The company was nationalized in July.

Hirose says a resumption of TEPCO’s idled reactors in northern Japan would help the company financially, although gaining local support to restart them would be difficult.

Following last year’s Fukushima disaster, the government is finalizing a new energy policy. Surveys show the Japanese public overwhelmingly supports a complete phase-out of nuclear energy.