It looks like it will be Yukio Edano, Minister of Economy, Trade and Industry, who will run the show. He is the same one who, as Chief Cabinet Secretary, was a very popular and reassuring figure in the early days of the nuclear crisis last year with his remarks that the radiation "have no immediate effect on health".
It is not "nationalization" but "effective" one. I'm yet to find the precise definition of "effective nationalization" in Japan, but if it is the same as "effective nationalization" of AIG in the US, it has to do with the percentage of shares that the government will control - enough to run the company but not enough to combine the balance sheet.
A short article from Sankei Shinbun (5/9/2012) has some telling bits of information:
TEPCO to be nationalized in July, as the national government approves the overall business plan
Yukio Edano, Minister of Economy, Trade and Industry, approved the overall special business plan on May 9. The plan centers around the effective nationalization of TEPCO. The period that the business plan covers is 10 years until the fiscal 2021. The plan calls for 3.365 trillion yen reduction of expenses, 10% raise in utility fees for the household, and restart of Kashiwazaki-Kariwa Nuclear Power Plant (in Niigata Prefecture) in the fiscal 2013. The national government will do the capital injection of 1 trillion yen using public money, and hold the majority of voting right, effectively nationalizing TEPCO. It will also increase the number of outside directors to tightly monitor the management of the company.
The current divisions, such as Fuel and Thermal, Power Transmission System, and Retails, will be set up as separate branches within the company, with an eye on turning them into holding companies. Using TEPCO as a platform, the national government will put into effect its electric power reforms and energy policy revisions.
A power grab by a government who is even less transparent than TEPCO when it comes to disclosing the information about the nuclear accident or the radiation contamination.
Needless to say, there is no plan B if Kashiwazaki-Kariwa doesn't restart. The cut of 3 trillion yen over 10 years doesn't seem much at all, when the cost to decommission is estimated to be tens of trillions of yen.
The 107-page business plan, which says hardly anything of note, is with the 140-page supplement which says more. The compensation to the victims of the nuclear disaster is calculated by a Tokyo University professor with macro economics in mind (whatever that means), and the plan hinges on the assumption that the government/TEPCO can cut back on the compensation to people who will be returning to their homes in the areas with less than 20 millisieverts per year annual radiation (external only) exposure.
So much for the new president of TEPCO pledging to do his best to compensate the victims.
For now the business plan and its attachments are in Japanese only. TEPCO promises it will post them in English as soon as they become available, here.