Tokyo Electric Power Co.'s special 10-year turnaround plan has been officially endorsed by the government, but industry observers are skeptical it will work.
The plan is for the beleaguered utility to get back into the black within two years, but that all depends on one crucial factor: restarting the reactors at the massive Kashiwazaki-Kariwa power plant in Niigata Prefecture.
"Without the prospect of restarting the Kashiwazaki reactors . . . the special plan will not be feasible," said Hirofumi Kawachi, a senior analyst at Mizuho Investors Securities Co. "Above all things, it comes down to that point."