Plan divides billions in closed nuke plant costs

Friday, November 21, 2014, Vol. 38, No. 47

LOS ANGELES (AP) — California regulators have approved a settlement to divide billions of dollars in costs from the closed San Onofre nuclear power plant.

Consumers will get refunds and credits of about $1.4 billion. But they will pay about $3.3 billion in costs over 10 years, including for power purchased after the plant shut down.

The vote by the California Public Utilities Commission Thursday was 5-0.

At issue has been who should take the financial hit for the plant's premature demise — company shareholders or customers.

San Onofre shut down for good last year after a long fight over whether it was safe to restart.

The settlement stems from negotiations among operator Southern California Edison, minority owner San Diego Gas & Electric Co. and consumer advocates. Critics argued that the deal shortchanged ratepayers.