On March 27, Southern California Edison and San Diego Gas & Electric struck a proposed deal that ratepayers have denounced, because, if the deal is approved by the full California Public Utilities Commission, ratepayers will pick up $3.3 billion of replacement costs following the shutdown of the San Onofre nuclear plant. Consumer advocates argued that shareholders should pick up all those costs.
Wall Street rejoiced. The day before the announcement, stock of Edison International, parent of Southern California Edison, closed at $53.46. Four days later, it was up to $56.61. According to Securities and Exchange Commission documents, Edison International chairman Ted Craver on March 31 dumped 172,644 shares of stock at $56 each for a profit of $9.7 million. Chief financial officer James Scilacci jettisoned 143,438 shares, pocketing a bit below $8 million. According to SCPR.org, the company refused to comment.