LOS ANGELES (AP) – Consumers will get refunds and credits of about $1.4 billion, but also pay about $3.3 billion, under a settlement approved Thursday on costs stemming from the premature closure of the San Onofre nuclear power plant.
The vote by the California Public Utilities Commission was 5-0.
At issue has been who should take the financial hit for the early demise of the plant located between Los Angeles and San Diego – company shareholders or customers.
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.
Consumers will pay about $3.3 billion in costs over 10 years, including for power purchased after the plant shut down.