Tokyo Electric Company, Japan's largest utility with one in three Japanese as a customer, today reported the biggest loss in company history.  And it costs CEO Masa Taka Shimizu job.

It is wrecked Fukushima Daiichi nuclear power plant with six old nuclear reactors from the 1970s that had the listed energy giant to its knees.

Tepco today reported a loss of approximately $ 15 billion, equivalent to 94 billion Swedish kronor for the fiscal year 2010-2011 ending last March.

There are 30 billion more than what equity markets anticipated as recently as a week ago and the biggest loss in its sixty-year history.  Tepco started 1951st.

Most of the loss attributable to extraordinary expenses for Fukushimakatastrofen where the tsunami wave March 11 knocked out the entire plant.

Tepco face huge compensation claims from private individuals, businessmen and fishermen affected by the nuclear disaster.

For it is the huge cost to prevent meltdown and radiation from the wrecked reactor and the additional costs of producing new electricity in other, more expensive power plants.

Tepco announced that the company will sell properties for $ 7 billion and deposit the money in the compensation fund set up.

It also intends to cut back on staff and on research and development to save $ 6 billion.

The responsibility now falls on Tepcos CEO Masa Taka Shimizu who departs in June.

CEO-chair over by other man Toshio Nishizawa.  Chairman Tsunehisa Katsumata may remain until the situation is under control.