San Onofre Nuclear Plant Closure Has Cost More Than $300 Million, Edison Investors Told
Southern California Edison overlord Edison International reports it has lost more than $300 million since its two reactors at the San Onofre Nuclear Generating Station went down last winter.
According to disclosures made to Edison International investors this week, the power giant is trying to recoup $3.5 million in lost revenues per week--minus a 12-week deductible--from its Nuclear Electric Insurance Limited policy. The report to investors broke down loses since units 2 and 3 went down last December and January as $96 million for repairs (as of Sept. 30) and $221 million in lost revenues for electrical power. Those totals are about double what they were in a June 30 report.
Edison is trying to stick Mitsubishi Heavy Industries, the Japanese company that made the reactors' problematic steam generators, with a $45 million bill for crappy parts and additional costs for ongoing repairs and inspections.
While Edison awaits approval from the Nuclear Regulatory Commission to restart Unit 2 at partial power--no timetable has been made public yet for getting Unit 3 back up--a corporate officer told investors it may be years before the plant returns to full output.
State utilities regulators have expressed wariness in allowing the electric company to pass its mounting losses on to ratepayers. More wary have been surrounding cities, customers and environmental groups, who see this as the perfect opportunity to close the plant permanently.
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