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dow-jones-newswires:-tokyo-electric-power-shares-jump-on-nuclear-restart-hopes
dow-jones-newswires:-tokyo-electric-power-shares-jump-on-nuclear-restart-hopes

Breaking

Dow Jones Newswires: Tokyo Electric Power shares jump on nuclear restart hopes

Tokyo Electric Power Co. Holdings Inc.
9501,
+16.01%

shares rose sharply Friday morning on growing hopes for government-led nuclear-reactor restarts.

The company’s shares were recently 8.8% higher at 496 yen ($3.81) after rising as much as 10% earlier.

The Tokyo Metropolitan Government said Monday that it had made a shareholder proposal, requesting Tokyo Electric to restart nuclear reactors, citing a potential power shortage later this year.

Japanese markets were closed Tuesday through Thursday for public holidays. The metropolitan government owns a 1.2% stake in the power company.

Meanwhile, Prime Minister Fumio Kishida said in a speech delivered in London on Thursday that the government plans to use nuclear power to contribute to the worldwide reduction of dependence on Russian energy, according to media reports.

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Kishida said in April that the government plans to maximize the use of nuclear power to secure stable power supply, leading to a surge of power company stocks then.

Other utility stocks were also higher Friday. Kansai Electric Power Co. shares
9503,
+4.72%

were up 3.2% and Chugoku Electric Power Co. shares
9504,
+4.52%

were 3.8% higher.

Restarts of existing nuclear reactors have been a contentious issue in Japan after the Fukushima nuclear disaster in March 2011.

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