Business

Tokyo Electric Power stocks jump on nuclear restart hopes

Tokyo Electric Power Co. Holdings Inc. 9501,
+9.43%
Shares rose sharply Friday morning on growing hopes of a government-led nuclear reactor restart.

The company’s shares recently rose 8.8% to 496 yen ($3.81) after rising as much as 10% earlier.

The Tokyo metropolitan government said Monday that it had made a shareholder proposal asking Tokyo Electric to restart nuclear reactors, citing a possible blackout later this year.

Japanese markets were closed Tuesday through Thursday for public holidays. The metropolitan government owns a 1.2% stake in the utility company.

Meanwhile, in a speech delivered in London on Thursday, Prime Minister Fumio Kishida said the government is reportedly planning to use nuclear power to help reduce the world’s dependence on Russian energy, according to media reports.

Kishida said in April that the government plans to maximize the use of nuclear energy to ensure stable electricity supply, which then led to a surge in energy company shares.

Other utility stocks were also higher on Friday. Kansai Electric Power Co. Stock 9503,
+3.69%
up 3.2% and Chugoku Electric Power Co. shares at 9504,
+4.64%
were 3.8% higher.

Restarting existing nuclear reactors was a controversial issue in Japan after the Fukushima nuclear disaster in March 2011.

https://www.marketwatch.com/story/tokyo-electric-power-shares-jump-on-nuclear-restart-hopes-271651803090?rss=1&siteid=rss Tokyo Electric Power stocks jump on nuclear restart hopes

Brian Lowry

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