Two of Chubu Electric Power's top leaders are poised to exit, according to NHK. The broadcaster, citing people familiar, reported Sunday that President Kingo Hayashi and Chairman Satoru Katsuno decided to step down to take responsibility, with a formal announcement anticipated Monday. Chubu Electric, however, said on its website that it has not made such a decision at this time.
In January, the utility brought in an outside committee to examine allegations that it tampered with earthquake risk assessments and provided incorrect information to Japan's nuclear watchdog while inspections were underway. Those examinations are required steps for bringing the No. 3 and No. 4 units at the Hamaoka facility in Shizuoka prefecture back online. The company received the panel's report on Thursday.
On Friday, NHK said Chubu Electric was getting ready to pull its filing to restart the Hamaoka reactors. The shares dropped as much as 4.2% after that headline. The controversy piles onto earlier issues at the utility, including errors in cost calculations used to set retail power rates. Industry Minister Ryosei Akazawa called the problems "extremely regrettable" and said the government would contemplate whatever most stringent action is required.
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Japan's push to bring reactors back online shapes the country's power mix, and setbacks can feed into supply expectations and electricity pricing. For investors, this mix of regulatory scrutiny, reputational damage, and potential rate recalculations is the kind of uncertainty that can widen the gap between winners and laggards in utilities. Keep an eye on how quickly Chubu addresses the panel's findings and clarifies its Hamaoka strategy to gauge whether this is a short-term squall or a longer rebuild of trust.
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