Seismic Data Scandal Halts Hamaoka Nuclear Plant Restart

Japan's nuclear regulator has paused the screening process for the restart of Chubu Electric Power's Hamaoka Nuclear Power Station due to inappropriate handling of seismic data for regulatory review. This has stalled efforts to resume operations, affecting the company's shares significantly.

In a significant development, Japan's nuclear regulatory body announced on Wednesday that it would pause the screening process required for the restart of Chubu Electric Power's Hamaoka Nuclear Power Station. This decision comes two days after the company admitted to mishandling seismic data crucial for the regulatory review.

The Nuclear Regulation Authority Chairman, Shinsuke Yamanaka, condemned the manipulation of critical inspection data, labeling it as misconduct. He made these comments during a regular commissioner meeting, further stating that there was no opposition to halting the review process for the plant's restart.

The revelation had an immediate impact on the market, causing Chubu Electric Power's shares to plummet nearly 10% on Tuesday—the steepest decline in over 13 years. The company had reportedly used an unapproved method for selecting seismic waves during the review, leading to the current regulatory scrutiny.

(With inputs from agencies.)