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Nuclear Restart Plan Implications for Japanese Electric Utilities

Kansai, Hokuriku, and Kyushu, three companies with ambitious nuclear restart plans (64%, 69% and 79% of installed nuclear capacity), recorded higher than average radioactive waste intensities per unit of power generated, suggesting they may be more exposed to risks of future costs and unforeseen liabilities from radioactive waste leakages. Further, Kansai and Kyushu had the weakest cash flow to CAPEX ratios among the peer group (-22% and 17% in FY2010-14) – suggesting less buffer against unforeseen costs.