经济学人下载:东京电力公司的困难

Business
商业报道

Power in Japan
东京的电力

The troubles of TEPCO
东京电力公司的困难

The fallout from the Fukushima nuclear disaster is spreading throughout Japan's energy industry
福岛核电站的影响正在日本能源业蔓延

THROW yourself into a nuclear reactor and die! one investor shouted.
一位投资者叫喊到，死在核反应堆里吧！

Japanese shareholders are usually more polite, but this was the annual meeting of TEPCO, the Japanese power company that owns the Fukushima nuclear plant.
日本的股民一般应更有礼貌，但这次情况不同，这次是拥有福岛核电站的东京电力公司的年会。

Since an earthquake in March caused a meltdown, TEPCO faces unlimited demands for compensation.
自从三月地震以来，该公司股价一直走低，还面临是无穷无尽的赔偿要求。

Its shares have fallen by nearly 90%.
其股份已经跌了将近90%。

A man at the meeting on June 28th suggested that the board take responsibility by committing seppuku, or ritual suicide.
一个人在6月28日的会议上提议董事会引咎切腹。

Not everything went wrong for TEPCO.
东京电力公司不是每件事都有问题。

A shareholder motion to close all its nuclear plants was defeated.
所有核电站都关闭遭到了否决。

But apart from that, things look grim.
但是除此之外，事情就很糟糕了。

TEPCO faces claims for compensation that, in a worst-case scenario, could exceed its assets of ￥15 trillion.
一位股东提议将其东京电力公司面临的损失赔偿要求，在最坏情况下将超过其资产15万亿。

No one knows how much it will have to pay.
没人知道该公司将赔偿多少。

Estimates of TEPCO's liabilities range between ￥4 trillion and ￥25 trillion.
东京电力公司估计要承担4万亿到25万亿的赔偿责任。

The firm also owes ￥7.8 trillion to bondholders and bank creditors.
该公司仍欠持券人和银行债权人7.8万亿。

If TEPCO goes bust, these people take precedence over those affected by the disaster, a fact that is politically radioactive.
如果东京电力公司破产了，这些人先于那些事故受害者受到补偿，而这将在政治上有放射性的影响。

Four months ago, TEPCO was the cornerstone of corporate Japan.
四个月前，东京电力公司曾是日本公司的顶梁柱。

Some 750,000 people, many of them elderly, still own its shares.
大约有75万的人们仍然拥有它的股份，他们中有很大一部分是老年人。

The company, which accounts for a hefty 8% of Japan's total domestic debt market, had its bond rating cut to junk by Moody's on June 20th, following a similar downgrade by Standard & Poor's in May.
该公司的债券占据了日本国内市场8%的全部份额，在6月20日的Moody's排名中被列入垃圾债券一列，而且在标准普尔指数中也有下滑。

Only the government can save TEPCO from bankruptcy.
只有日本政府才可以挽救东京电力公司。

A bill submitted on June 14th to the Diet, Japan's parliament, aims to enable the firm to pay compensation without going under.
6月14日在向日本国会提交的一项议案中提议公司在不破产的情况下进行赔偿。

It would establish a mechanism for the government to channel truckloads of money to TEPCO, which the firm would then pass on to the victims.
该议案将建立一种机制，即政府把钱流入东京电力公司，再由公司分发给受害者。

This would be repaid from TEPCO's earnings, with help from other nuclear operators.
这些钱将用该公司在其他核电站的收益偿还。

The new entity could purchase TEPCO assets.
这个新机制可以购买公司的财产。

One insider thinks this will lead to partial nationalisation.
一位业内人士认为，这一做法将会导致公司部分国有化。

Another reckons that the new entity might buy fresh bonds that TEPCO could issue to meet its obligations.
另有人士认为，这一举措可以使人们买到公司为了进行赔偿而发售的新债券。

The bill has not been seriously debated in the Diet, in part because of political paralysis.
由于政治瘫痪，该议案在国会中没有进行认真讨论。

But officials believe it will be ratified before the end of the summer because the consequences of shelving it are unthinkable.
但是官员认为这个议案最迟将在今夏得以通过，因为将这搁在一边的后果是不可想象的。

Compensation must be paid, the recovery work at Fukushima must go on and the lights in Tokyo must stay on.
赔偿一定要赔，福岛核电站的修复工作也必须进行，而且东京电力公司也不能倒闭。

However, the bill is only a stop-gap.
但是该议案只是一个权宜之计。

It may soothe TEPCO's creditors.
它可以安抚公司的债权人，

It may even reassure the public that payouts won't lead to higher electricity bills.
也可以使得公众不会为了高昂的电费而担心。

But critics grumble that the plan protects shareholders at the expense of taxpayers.
但是评论家指责该计划保护了股东而损害了纳税人的利益。

The long-term solutions being considered include bankruptcy, temporary nationalisation for the purpose of selling off assets, or capping TEPCO's liability and making it, in addition to an energy provider, a vehicle for compensation payments.
长期的解决方案包括破产，暂时收归国有变卖资产，或者对于东京电力公司限定责任上限，使其又提供能源又进行赔偿。

TEPCO favours a liability cap.
公司比较倾向于第三种方案，

Only this, the thinking goes, will lure back investors and let TEPCO become a normal company again.
因为只有通过这种方法才可以重新吸引投资者并且把公司再次变成普通公司。

But this may scupper any chance of energy-sector liberalisation, since the company would need fistfuls of profits in order to make its payouts.
但是由于公司需要大量的利润来支付支出，这一举措将使得能源产业自由化的希望破灭。

When I meet with TEPCO officials, I don't see any change in mindset; it's as if nothing has changed, sighs a nuclear-energy official.
当我会见东京电力公司官员时，我发现他们的想法没有任何改变，就好像什么都没有发生过一样，一位核能源官员叹息道。

Bankruptcy or temporary nationalisation would be bolder.
破产倒闭或者暂时国有化会显得更加大胆。

Either could herald energy deregulation, since a regional monopoly would be broken up and sold.
采取任何一种方法都会标志着放宽能源管制的来临。

The government could then separate energy generation and transmission, which the prime minister, Naoto Kan, supports but few other politicians do.
因为一个地区垄断公司都将会被分化和出售，然后政府可以将能源生产与能源传输分开。

Outsiders, such as Softbank, a mobile-phone operator, are keen to enter the energy business.
一些业外人士，比如手机运营商Softbank公司，一直想进入能源产业。

But big business, which ought to favour competition to lower energy prices, is against deregulation.
但是对于那些更倾向于竞争而非更低能源价格的大公司来说，他们反对放宽能源管制。

This may be because so many big firms act as suppliers to the utilities, which pay high prices to reward loyalty.
这可能因为许多大公司是公用事业的提供商，这些提供商十分重视忠诚。

Across Japan, regional power companies are caught in Fukushima's fallout.
全日本的当地能源公司都受到福岛核事故的影响。

Most prefectural governors are refusing to restart nuclear plants that shut for regular maintenance.
大多数县官员不愿意重新启动经过日常维护后的核电站。

Power shortages loom.
能源短缺问题越发明显。

Other shareholder meetings have been almost as stormy as TEPCO's.
其他公司的股东大会与东京电力公司一样暴躁不安。

The biggest shareholder of KEPCO, the utility in the Kansai region, is the city of Osaka, which has a 9% stake.
在韩国电力公司是关西地区的公用事业公司，其最大股东是拥有9%股份的大阪市。

Its mayor turned up at the annual general meeting and urged the firm to diversify away from nuclear energy.
大阪市长在全体大会中催促韩国电力公司摆脱核能。

Such demands are popular.
这一要求受到广泛欢迎。

Three-quarters of Japanese want to reduce or eliminate the country's reliance on nuclear power—many more than before the accident.
现在，有75%的日本市民希望国家减少或者消除对于核能的依赖，这比事故前任何时候都要强烈。

The utilities now face more scrutiny and tighter energy supplies.
公用事业单位现在面临着更严格的检查与能源供给，

They are also unlikely to win permission to raise rates.
而且他们也不太可能提高价格。

Their solid credit ratings could liquefy.
他们的良好的信用评级将会消失。

KEPCO and another utility recently cancelled new corporate-bond offerings because yields soared.
最近由于支出飙升，东京电力公司和其他公用事业公司取消了新公司债券的发行。

Firms that had cross-shareholdings in the utilities have also taken a hit.
那些交叉持股的公司也受到影响。

Even banks are affected: cabinet members have suggested they share the pain by forgiving a portion of TEPCO's pre-quake loans.
即使是银行也受到影响，内阁成员建议，免除东京电力公司部分震前贷款，损失由他们承担。

Naturally, this whacked their share prices.
自然而然地，这将极大影响他们的股价。

The Fukushima disaster presents an opportunity for radical reform.
福岛的灾难提供了改革的机会。

But in a crisis people often grow conservative.
但是在危机中人们会变得保守。

Since the government holds the purse-strings, it can more or less dictate terms to TEPCO.
由于政府掌管着金钱，它将多多少少给东京电力公司发布指令。

The fear is that it will bankroll a return to business as usual.
令人担心的是政府会像平常一样给公司提供资金使其恢复经营。