ROSEMEAD, Calif.--(BUSINESS WIRE)--Aug 2, 2018--The settlement of issues and costs related to the closure of the San Onofre nuclear plant was finalized today when parties notified the California Public Utilities Commission that they accept the commission’s request that they remove a provision that would have funded university-conducted greenhouse gas research.

The action concludes the commission’s San Onofre proceeding and sets the stage for Southern California Edison, majority owner of San Onofre, to give customers rate reductions. The timing of the rate reductions depends on the commission’s review of SCE’s upcoming filing regarding the rate calculations.

“Today’s decision means we can begin delivering the benefits to customers that settling parties proposed seven months ago,” said SCE President Ron Nichols. “We’re pleased to bring closure to this issue following the diligent efforts over many months by the parties.”

Nichols said there are two elements to the reduction in customer rates: a one-time bill credit of about $11 per average residential customer; and a 2 percent monthly average bill reduction, which equals about $2 per month for an average residential customer. The changes are expected to be reflected in customer bills beginning in September.

The commission unanimously approved the settlement July 26, with the condition that the settling parties accept the deletion of the greenhouse gas provision. The settlement provides that customers of SCE and San Diego Gas & Electric, a co-owner of San Onofre, will no longer pay for the $775 million in San Onofre-related investments that had not been recovered by the utilities.

The rate reductions under the settlement approved by the commission today are in addition to the more than $2 billion in customer savings under the prior settlement approved in 2014.

SCE retired San Onofre in June 2013 after a contractor provided faulty steam generators. SCE is focused on safely decommissioning the nuclear plant, guided by core principles of safety, stewardship and engagement. SCE has established a Community Engagement Panel to support those principles. For more information, visit songscommunity.com.

About Southern California Edison

An Edison International (NYSE:EIX) company, Southern California Edison is one of the nation’s largest electric utilities, serving a population of approximately 15 million via 5 million customer accounts in a 50,000-square-mile service area within Central, Coastal and Southern California.

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CONTACT: Southern California Edison

MediaContact: Maureen Brown, (626) 302-2255

Investor Relations: Sam Ramraj, (626) 302-2540

KEYWORD: UNITED STATES NORTH AMERICA CALIFORNIA

INDUSTRY KEYWORD: OTHER CONSUMER ENERGY UTILITIES NUCLEAR CONSUMER

SOURCE: Southern California Edison

Copyright Business Wire 2018.

PUB: 08/02/2018 07:45 PM/DISC: 08/02/2018 07:45 PM

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