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News Breaks
March 28, 2014
08:31 EDTEIXEdison International enters settlement agreement over SONGS
Edison International disclosed last night that on March 27 SCE entered into a settlement agreement with The Utility Reform Network, the Office of Ratepayer Advocates of the California Public Utilities Commission and San Diego Gas & Electric Company. If implemented, the Settlement Agreement will constitute a complete and final resolution of the CPUC’s Order Instituting Investigation and related proceedings regarding the Steam Generator Replacement Project at the San Onofre Nuclear Generating Station, or SONGS, and the related outage and subsequent shutdown of San Onofre. The settlement agreement does not affect proceedings before the Nuclear Regulatory Commission or proceedings related to recoveries from certain third parties, the company said. Implementation of the terms of the Settlement Agreement is subject to the prior approval of the CPUC, as to which there is no assurance. The settlement is subject to termination by any of the settling parties if the CPUC has not approved it within six months of submission, but there can be no certainty of when or what the CPUC will actually decide. If the agreement is approved, SCE will not be allowed to recover in rates its capitalized costs for the SGRP as of February 1, 2012 or a return on such investment after such date. As of February 1, 2012, SCE’s net book value in the SGRP was approximately $597M. Additionally, SCE will not be allowed to recover in rates approximately $99M of incremental inspection and repair costs incurred for the replacement steam generators in 2012 that were in excess of CPUC authorized operations and maintenance expense. These costs, net of invoices paid, were previously expensed in SCE’s 2012 financial results, although they remain subject to recovery from the supplier of the RSGs. SCE will be authorized to recover in rates its remaining investment in San Onofre , including base plant, materials and supplies, nuclear fuel inventory and contracts and construction work in progress generally over a ten-year period commencing February 1, 2012. Additionally, SCE will be authorized to recover in rates its provisionally authorized O&M expenses for 2012, recorded costs for the 2012 refueling outage of Unit 2, recorded O&M expenses for 2013, and recorded O&M expenses for 2014 subject to customary prudency review. Finally, SCE will also be authorized to recover in rates through its fuel and purchased power balancing account all costs incurred to purchase electric power in the market related to the outage and shutdown of San Onofre, and to recover by December 31, 2015 any San Onofre-related ERRA undercollections.
News For EIX From The Last 14 Days
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August 22, 2014
10:01 EDTEIXOn The Fly: Analyst Upgrade Summary
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08:57 EDTEIXEdison International upgraded at BMO Capital
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06:31 EDTEIXEdison International upgraded to Outperform from Market Perform at BMO Capital

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