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Utility Calls Deal That Left Consumers With $3 Billion 'Reasonable'

angstdei / Flickr
 

angstdei / Flickr

(AP) — Southern California's largest utility is urging state regulators to uphold a 2014 settlement under which consumers would shoulder most of the nearly $5 billion in costs tied to the closed San Onofre nuclear power plant.

In a filing Thursday with the state Public Utilities Commission, Southern California Edison said conclusions reached by the commission at that time remain sound.

And the company warns ratepayers could face higher costs if the deal is voided.

The commission decided to take a second look at the case after revelations that an Edison executive held closed-door discussions with then-commission President Michael Peevey before the agency endorsed the deal.

The agreement requires consumers to cover $3.3 billion in costs, with $1.4 billion going to shareholders.

The plant closed in 2013 after a failed equipment swap