, Japan

TEPCO, Chubu Electric Power merger to cut costs by $910m

This is pegged as yearly savings for five years.

Reuters reported that Tokyo Electric Power Company Holdings (Tepco) and Chubu Electric Power Co said on Thursday they aim to cut costs by more than 100 billion yen ($910 million) a year within five years after combining their fossil fuel power plants under their JERA Co joint venture.

The two companies, which had agreed on the integration in March, signed a contract for this on Thursday.

View the full report here.

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