Tepco's Index-Beating Gains Seen Fueled by Power Shake-Up

  • Best performer in past 6 months on Japan's Nikkei 225
  • Default risk seen disappearing as its earnings improve

Tokyo Electric Power Co. (Tepco) employees take part in a drill in the simulator of the central control room for a reactor inside the seismic isolation building at the company's Kashiwazaki Kariwa nuclear power station in Kashiwazaki, Niigata Prefecture, Japan in February 2015.

Photographer: Tomohiro Ohsumi/Bloomberg

Japan’s reform of its energy market is proving a boon to investors in the company at the center of the world’s worst nuclear disaster since Chernobyl.

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