经济学人152:东京电力公司的困难

 　　Business

　　商业报道

　　Power in Japan

　　东京的电力

　　The troubles of TEPCO

　　东京电力公司的困难

　　The fallout from the Fukushima nuclear disaster is spreading throughout Japan's energy industry

　　福岛核电站的影响正在日本能源业蔓延

　　THROW yourself into a nuclear reactor¹ and die! one investor² shouted.

　　一位投资者叫喊到，死在核反应堆里吧！

　　Japanese shareholders⁴ are usually more polite, but this was the annual meeting of TEPCO, the Japanese power company that owns the Fukushima nuclear plant.

　　日本的股民一般应更有礼貌，但这次情况不同，这次是拥有福岛核电站的东京电力公司的年会。

　　Since an earthquake in March caused a meltdown, TEPCO faces unlimited⁵ demands for compensation.

　　自从三月地震以来，该公司股价一直走低，还面临是无穷无尽的赔偿要求。

　　Its shares have fallen by nearly 90%.

　　其股份已经跌了将近90%。

　　A man at the meeting on June 28th suggested that the board take responsibility by committing seppuku, or ritual suicide.

　　一个人在6月28日的会议上提议董事会引咎切腹。

　　Not everything went wrong for TEPCO.

　　东京电力公司不是每件事都有问题。

　　A shareholder³ motion to close all its nuclear plants was defeated.

　　所有核电站都关闭遭到了否决。

　　But apart from that, things look grim.

　　但是除此之外，事情就很糟糕了。

　　TEPCO faces claims for compensation that, in a worst-case scenario⁶, could exceed its assets of ￥15 trillion.

　　一位股东提议将其东京电力公司面临的损失赔偿要求，在最坏情况下将超过其资产15万亿。

　　No one knows how much it will have to pay.

　　没人知道该公司将赔偿多少。

　　Estimates of TEPCO's liabilities range between ￥4 trillion and ￥25 trillion.

　　东京电力公司估计要承担4万亿到25万亿的赔偿责任。

　　The firm also owes ￥7.8 trillion to bondholders and bank creditors⁷.

　　该公司仍欠持券人和银行债权人7.8万亿。

　　If TEPCO goes bust⁸, these people take precedence over those affected⁹ by the disaster, a fact that is politically radioactive.

　　如果东京电力公司破产了，这些人先于那些事故受害者受到补偿，而这将在政治上有放射性的影响。

　　Four months ago, TEPCO was the cornerstone of corporate¹⁰ Japan.

　　四个月前，东京电力公司曾是日本公司的顶梁柱。

　　Some 750,000 people, many of them elderly, still own its shares.

　　大约有75万的人们仍然拥有它的股份，他们中有很大一部分是老年人。

　　The company, which accounts for a hefty 8% of Japan's total domestic debt market, had its bond rating cut to junk by Moody's on June 20th, following a similar downgrade by Standard & Poor's in May.

　　该公司的债券占据了日本国内市场8%的全部份额，在6月20日的Moody's排名中被列入垃圾债券一列，而且在标准普尔指数中也有下滑。

　　Only the government can save TEPCO from bankruptcy¹¹.

　　只有日本政府才可以挽救东京电力公司。

　　A bill submitted on June 14th to the Diet, Japan's parliament, aims to enable the firm to pay compensation without going under.

　　6月14日在向日本国会提交的一项议案中提议公司在不破产的情况下进行赔偿。

　　It would establish a mechanism¹² for the government to channel truckloads of money to TEPCO, which the firm would then pass on to the victims.

　　该议案将建立一种机制，即政府把钱流入东京电力公司，再由公司分发给受害者。

　　This would be repaid from TEPCO's earnings¹³, with help from other nuclear operators.

　　这些钱将用该公司在其他核电站的收益偿还。

　　The new entity¹⁴ could purchase TEPCO assets.

　　这个新机制可以购买公司的财产。

　　One insider thinks this will lead to partial nationalisation.

　　一位业内人士认为，这一做法将会导致公司部分国有化。

　　Another reckons that the new entity might buy fresh bonds that TEPCO could issue to meet its obligations.

　　另有人士认为，这一举措可以使人们买到公司为了进行赔偿而发售的新债券。

　　The bill has not been seriously debated in the Diet, in part because of political paralysis¹⁵.

　　由于政治瘫痪，该议案在国会中没有进行认真讨论。

　　But officials believe it will be ratified¹⁶ before the end of the summer because the consequences of shelving it are unthinkable.

　　但是官员认为这个议案最迟将在今夏得以通过，因为将这搁在一边的后果是不可想象的。

　　Compensation must be paid, the recovery work at Fukushima must go on and the lights in Tokyo must stay on.

　　赔偿一定要赔，福岛核电站的修复工作也必须进行，而且东京电力公司也不能倒闭。

　　However, the bill is only a stop-gap.

　　但是该议案只是一个权宜之计。

　　It may soothe¹⁷ TEPCO's creditors.

　　它可以安抚公司的债权人，

　　It may even reassure¹⁸ the public that payouts won't lead to higher electricity bills.

　　也可以使得公众不会为了高昂的电费而担心。

　　But critics grumble¹⁹ that the plan protects shareholders at the expense of taxpayers²⁰.

　　但是评论家指责该计划保护了股东而损害了纳税人的利益。

　　The long-term solutions being considered include bankruptcy, temporary nationalisation for the purpose of selling off assets, or capping TEPCO's liability and making it, in addition to an energy provider, a vehicle for compensation payments.

　　长期的解决方案包括破产，暂时收归国有变卖资产，或者对于东京电力公司限定责任上限，使其又提供能源又进行赔偿。

　　TEPCO favours a liability cap.

　　公司比较倾向于第三种方案，

　　Only this, the thinking goes, will lure²¹ back investors²² and let TEPCO become a normal company again.

　　因为只有通过这种方法才可以重新吸引投资者并且把公司再次变成普通公司。

　　But this may scupper any chance of energy-sector liberalisation, since the company would need fistfuls of profits in order to make its payouts.

　　但是由于公司需要大量的利润来支付支出，这一举措将使得能源产业自由化的希望破灭。

　　When I meet with TEPCO officials, I don't see any change in mindset; it's as if nothing has changed, sighs a nuclear-energy official.

　　当我会见东京电力公司官员时，我发现他们的想法没有任何改变，就好像什么都没有发生过一样，一位核能源官员叹息道。

　　Bankruptcy or temporary nationalisation would be bolder.

　　破产倒闭或者暂时国有化会显得更加大胆。

　　Either could herald²³ energy deregulation, since a regional monopoly would be broken up and sold.

　　采取任何一种方法都会标志着放宽能源管制的来临。

　　The government could then separate energy generation and transmission, which the prime minister, Naoto Kan, supports but few other politicians do.

　　因为一个地区垄断公司都将会被分化和出售，然后政府可以将能源生产与能源传输分开。

　　Outsiders, such as Softbank, a mobile-phone operator, are keen to enter the energy business.

　　一些业外人士，比如手机运营商Softbank公司，一直想进入能源产业。

　　But big business, which ought to favour competition to lower energy prices, is against deregulation.

　　但是对于那些更倾向于竞争而非更低能源价格的大公司来说，他们反对放宽能源管制。

　　This may be because so many big firms act as suppliers to the utilities, which pay high prices to reward loyalty²⁴.

　　这可能因为许多大公司是公用事业的提供商，这些提供商十分重视忠诚。

　　Across Japan, regional power companies are caught in Fukushima's fallout.

　　全日本的当地能源公司都受到福岛核事故的影响。

　　Most prefectural governors are refusing to restart nuclear plants that shut for regular maintenance.

　　大多数县官员不愿意重新启动经过日常维护后的核电站。

　　Power shortages loom²⁵.

　　能源短缺问题越发明显。

　　Other shareholder meetings have been almost as stormy as TEPCO's.

　　其他公司的股东大会与东京电力公司一样暴躁不安。

　　The biggest shareholder of KEPCO, the utility in the Kansai region, is the city of Osaka, which has a 9% stake.

　　在韩国电力公司是关西地区的公用事业公司，其最大股东是拥有9%股份的大阪市。

　　Its mayor turned up at the annual general meeting and urged the firm to diversify²⁶ away from nuclear energy.

　　大阪市长在全体大会中催促韩国电力公司摆脱核能。

　　Such demands are popular.

　　这一要求受到广泛欢迎。

　　Three-quarters of Japanese want to reduce or eliminate the country's reliance on nuclear power—many more than before the accident.

　　现在，有75%的日本市民希望国家减少或者消除对于核能的依赖，这比事故前任何时候都要强烈。

　　The utilities now face more scrutiny²⁷ and tighter energy supplies.

　　公用事业单位现在面临着更严格的检查与能源供给，

　　They are also unlikely to win permission to raise rates.

　　而且他们也不太可能提高价格。

　　Their solid credit ratings could liquefy.

　　他们的良好的信用评级将会消失。

　　KEPCO and another utility recently cancelled new corporate-bond offerings because yields soared.

　　最近由于支出飙升，东京电力公司和其他公用事业公司取消了新公司债券的发行。

　　Firms that had cross-shareholdings in the utilities have also taken a hit.

　　那些交叉持股的公司也受到影响。

　　Even banks are affected: cabinet members have suggested they share the pain by forgiving a portion of TEPCO's pre-quake loans.

　　即使是银行也受到影响，内阁成员建议，免除东京电力公司部分震前贷款，损失由他们承担。

　　Naturally, this whacked²⁸ their share prices.

　　自然而然地，这将极大影响他们的股价。

　　The Fukushima disaster presents an opportunity for radical²⁹ reform.

　　福岛的灾难提供了改革的机会。

　　But in a crisis people often grow conservative.

　　但是在危机中人们会变得保守。

　　Since the government holds the purse-strings, it can more or less dictate³⁰ terms to TEPCO.

　　由于政府掌管着金钱，它将多多少少给东京电力公司发布指令。

　　The fear is that it will bankroll a return to business as usual.

　　令人担心的是政府会像平常一样给公司提供资金使其恢复经营。

1 reactor   

n.反应器；反应堆

参考例句：

• The atomic reactor generates enormous amounts of thermal energy.原子反应堆发出大量的热能。
• Inside the reactor the large molecules are cracked into smaller molecules.在反应堆里，大分子裂变为小分子。

2 investor   

n.投资者，投资人

参考例句：

• My nephew is a cautious investor.我侄子是个小心谨慎的投资者。
• The investor believes that his investment will pay off handsomely soon.这个投资者相信他的投资不久会有相当大的收益。

3 shareholder   

n.股东，股票持有人

参考例句：

• The account department have prepare a financial statement for the shareholder.财务部为股东准备了一份财务报表。
• A shareholder may transfer his shares in accordance with the law.股东持有的股份可以依法转让。

4 shareholders   

n.股东( shareholder的名词复数 )

参考例句：

• The meeting was attended by 90% of shareholders. 90%的股东出席了会议。
• the company's fiduciary duty to its shareholders 公司对股东负有的受托责任

5 unlimited   

adj.无限的，不受控制的，无条件的

参考例句：

• They flew over the unlimited reaches of the Arctic.他们飞过了茫茫无边的北极上空。
• There is no safety in unlimited technological hubris.在技术方面自以为是会很危险。

6 scenario   

n.剧本，脚本；概要

参考例句：

• But the birth scenario is not completely accurate.然而分娩脚本并非完全准确的。
• This is a totally different scenario.这是完全不同的剧本。

7 creditors   

n.债权人，债主( creditor的名词复数 )

参考例句：

• They agreed to repay their creditors over a period of three years. 他们同意3年内向债主还清欠款。 来自《简明英汉词典》
• Creditors could obtain a writ for the arrest of their debtors. 债权人可以获得逮捕债务人的令状。 来自《简明英汉词典》

8 bust   

vt.打破；vi.爆裂；n.半身像；胸部

参考例句：

• I dropped my camera on the pavement and bust it. 我把照相机掉在人行道上摔坏了。
• She has worked up a lump of clay into a bust.她把一块黏土精心制作成一个半身像。

9 affected   

adj.不自然的，假装的

参考例句：

• She showed an affected interest in our subject.她假装对我们的课题感到兴趣。
• His manners are affected.他的态度不自然。

10 corporate   

adj.共同的，全体的；公司的，企业的

参考例句：

• This is our corporate responsibility.这是我们共同的责任。
• His corporate's life will be as short as a rabbit's tail.他的公司的寿命是兔子尾巴长不了。

11 bankruptcy   

n.破产；无偿付能力

参考例句：

• You will have to pull in if you want to escape bankruptcy.如果你想避免破产，就必须节省开支。
• His firm is just on thin ice of bankruptcy.他的商号正面临破产的危险。

12 mechanism   

n.机械装置；机构，结构

参考例句：

• The bones and muscles are parts of the mechanism of the body.骨骼和肌肉是人体的组成部件。
• The mechanism of the machine is very complicated.这台机器的结构是非常复杂的。

13 earnings   

n.工资收人；利润，利益，所得

参考例句：

• That old man lives on the earnings of his daughter.那个老人靠他女儿的收入维持生活。
• Last year there was a 20% decrease in his earnings.去年他的收入减少了20%。

14 entity   

n.实体，独立存在体，实际存在物

参考例句：

• The country is no longer one political entity.这个国家不再是一个统一的政治实体了。
• As a separate legal entity,the corporation must pay taxes.作为一个独立的法律实体，公司必须纳税。

15 paralysis   

n.麻痹(症)；瘫痪(症)

参考例句：

• The paralysis affects his right leg and he can only walk with difficulty.他右腿瘫痪步履维艰。
• The paralysis affects his right leg and he can only walk with difficulty.他右腿瘫痪步履维艰。

16 ratified   

v.批准，签认（合约等）( ratify的过去式和过去分词 )

参考例句：

• The treaty was declared invalid because it had not been ratified. 条约没有得到批准，因此被宣布无效。
• The treaty was ratified by all the member states. 这个条约得到了所有成员国的批准。

17 soothe   

v.安慰；使平静；使减轻；缓和；奉承

参考例句：

• I've managed to soothe him down a bit.我想方设法使他平静了一点。
• This medicine should soothe your sore throat.这种药会减轻你的喉痛。

18 reassure   

v.使放心，使消除疑虑

参考例句：

• This seemed to reassure him and he continued more confidently.这似乎使他放心一点，于是他更有信心地继续说了下去。
• The airline tried to reassure the customers that the planes were safe.航空公司尽力让乘客相信飞机是安全的。

19 grumble   

vi.抱怨；咕哝；n.抱怨，牢骚；咕哝，隆隆声

参考例句：

• I don't want to hear another grumble from you.我不愿再听到你的抱怨。
• He could do nothing but grumble over the situation.他除了埋怨局势之外别无他法。

20 taxpayers   

纳税人，纳税的机构( taxpayer的名词复数 )

参考例句：

• Finance for education comes from taxpayers. 教育经费来自纳税人。
• She was declaiming against the waste of the taxpayers' money. 她慷慨陈词猛烈抨击对纳税人金钱的浪费。

21 lure   

n.吸引人的东西，诱惑物；vt.引诱，吸引

参考例句：

• Life in big cities is a lure for many country boys.大城市的生活吸引着许多乡下小伙子。
• He couldn't resist the lure of money.他不能抵制金钱的诱惑。

22 investors   

n.投资者，出资者( investor的名词复数 )

参考例句：

• a con man who bilked investors out of millions of dollars 诈取投资者几百万元的骗子
• a cash bonanza for investors 投资者的赚钱机会

23 herald   

vt.预示...的来临，预告，宣布，欢迎

参考例句：

• In England, the cuckoo is the herald of spring.在英国杜鹃鸟是报春的使者。
• Dawn is the herald of day.曙光是白昼的先驱。

24 loyalty   

n.忠诚，忠心

参考例句：

• She told him the truth from a sense of loyalty.她告诉他真相是出于忠诚。
• His loyalty to his friends was never in doubt.他对朋友的一片忠心从来没受到怀疑。

25 loom   

n.织布机，织机；v.隐现，(危险、忧虑等)迫近

参考例句：

• The old woman was weaving on her loom.那位老太太正在织布机上织布。
• The shuttle flies back and forth on the loom.织布机上梭子来回飞动。

26 diversify   

v.（使）不同，（使）变得多样化

参考例句：

• Our company is trying to diversify.我们公司正力图往多样化方面发展。
• Hills and woods diversify the landscape.山陵和树木点缀景色。

27 scrutiny   

n.详细检查，仔细观察

参考例句：

• His work looks all right,but it will not bear scrutiny.他的工作似乎很好，但是经不起仔细检查。
• Few wives in their forties can weather such a scrutiny.很少年过四十的妻子经得起这么仔细的观察。

28 whacked   

a.精疲力尽的

参考例句：

• She whacked him with her handbag. 她用手提包狠狠地打他。
• He whacked me on the back and I held both his arms. 他用力拍拍我的背，我抱住他的双臂。

29 radical   

n.激进份子，原子团，根号；adj.根本的，激进的，彻底的

参考例句：

• The patient got a radical cure in the hospital.病人在医院得到了根治。
• She is radical in her demands.她的要求十分偏激。

30 dictate   

v.口授；(使)听写；指令，指示，命令

参考例句：

• It took him a long time to dictate this letter.口述这封信花了他很长时间。
• What right have you to dictate to others?你有什么资格向别人发号施令？