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How Much is TEPCO Worth? –Estimating the Fundamental Value of its Thermal Plants HOSOE, Nobuhiro TANAKA, Makoto Fukushima nuclear accident power market reform unbundling https://www.grips.ac.jp/list/jp/facultyinfo/hosoe_nobuhiro/ https://www.grips.ac.jp/list/jp/facultyinfo/tanaka_makoto/ 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. JEL Classification Codes: L94, Q48 経済学 / Economics GRIPS Policy Research Center 2012-05-18 eng technical report AM https://doi.org/10.24545/00001089 https://grips.repo.nii.ac.jp/records/1089 10.24545/00001089 https://ideas.repec.org/p/ngi/dpaper/12-02.html https://ideas.repec.org/p/ngi/dpaper/12-02.html GRIPS Discussion Papers DP12-02 https://grips.repo.nii.ac.jp/record/1089/files/DP12-02.pdf application/pdf 380.7 kB