Core Viewpoint - Tokyo Electric Power Company Holdings (TEPCO) has introduced its Fifth Comprehensive Special Business Plan, focusing on the decommissioning of Fukushima Daiichi and committing to ¥3.1 trillion ($19–20 billion) in cumulative cost reductions over FY2025–FY2034, alongside asset sales and potential partnerships to strengthen its financial position [1][2]. Financial Strategy - The new plan represents a significant shift from the previous strategy, recognizing TEPCO's inability to finance both Fukushima decommissioning and growth investments simultaneously under current conditions, even with potential nuclear restarts [2]. - TEPCO aims to achieve ¥3.1 trillion in cumulative cost reductions through third-party benchmarking, project reprioritization, and stricter capital discipline over the next decade [5]. - The company plans to generate ¥200 billion from asset sales within three years, including real estate and non-core holdings [5]. - A return to positive free cash flow is targeted to restore autonomous funding capacity and reduce reliance on emergency financing [5]. Decommissioning Focus - TEPCO has characterized the next phase of Fukushima Daiichi decommissioning, particularly large-scale fuel debris retrieval, as technologically and economically uncertain, with estimated decommissioning-related costs reaching approximately ¥5.4 trillion [3]. - The governance structure has been adjusted to grant the decommissioning entity greater autonomy over resources and decision-making, while still under the oversight of Japan's Nuclear Damage Compensation and Decommissioning Facilitation Corporation (NDF) [4]. Strategic Alliances and Energy Transition - TEPCO emphasizes the necessity of forming alliances for capital, technology, and expertise, while ensuring governance structures that secure Fukushima funding and eventual repayment of public capital [4]. - The company positions itself as a key player in Japan's GX/DX transition and energy security agenda, particularly in East Japan, with priorities including grid expansion and faster connections to meet data center demand in the Tokyo metropolitan area [6]. - Plans include the expansion of renewables, grid-scale storage, and decarbonized power procurement, along with nuclear restarts at Kashiwazaki-Kariwa, contingent on local consent and regulatory confidence [6].