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How Much is TEPCO Worth?–Estimating the Fundamental Value of its Thermal Plants


  • Nobuhiro Hosoe

    (National Graduate Institute for Policy Studies)

  • Makoto Tanaka

    (National Graduate Institute for Policy Studies)


The Fukushima Daiichi Nuclear Power Station held by Tokyo Electric Power Company (TEPCO) had a serious nuclear accident in March of 2011. TEPCO's liability for the losses caused by this accident is speculated to reach several trillion yen. For this compensation, TEPCO is supposed to sell its assets, including those for its power business. Their sales are crucial for TEPCO's solvency. We estimate the fundamental values of TEPCO's thermal plants by modeling their plant operation patterns based on spot market prices and fuel costs. Then, we discuss the implication of their divestiture in the context of the regulatory reforms as a radical path to unbundling.

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  • Nobuhiro Hosoe & Makoto Tanaka, 2012. "How Much is TEPCO Worth?–Estimating the Fundamental Value of its Thermal Plants," GRIPS Discussion Papers 12-02, National Graduate Institute for Policy Studies.
  • Handle: RePEc:ngi:dpaper:12-02

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    1. Tanaka, Makoto, 2009. "Transmission-constrained oligopoly in the Japanese electricity market," Energy Economics, Elsevier, vol. 31(5), pages 690-701, September.
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