The news last week that the Japanese government was close to agreeing a bailout plan for Tepco, the electricity company that owns the Fukushima nuclear plant, should have come as a relief for the company and its debt holders. Read more
Moody’s has been explaining why it downgraded Tepco’s credit rating in the wake of the Fukushima crisis. It’s hardly a decision that needs much justification: the problems have been as visible and arguably as damaging to the company’s reputation as the Gulf of Mexico spill was to BP. Read more
A new phase in Tepco’s “BP moment”: just like the whirlpool created by the massive tsunami after the March 11 earthquake, Japan’s biggest electricity provider and operator of the crippled Fukushima nuclear power plant is dragging peers into its own troubled vortex. Read more
If energy markets were ever confused, it’s now.
On the one hand the Japanese earthquake immediately implies bearishness for crude oil on account of lower demand. On the other hand it implies a hike in demand for refined products. Read more