Walter Mencken 11 a.m., May 24
Edison: San Onofre losses could top $4 billion
Edison International, parent company of San Onofre Nuclear Generating Station’s former operator, Southern California Edison, booked a loss of 29 cents per share in the second quarter of 2013, the company reported yesterday (August 1), largely due to the announcement of the plant’s permanent closure, which hit the firm for $1.12 per share.
Edison is seeking compensation from Mitsubishi Heavy Industries, designers of faulty steam generators that failed prematurely and, according to Edison, could cost the company up to $4 billion. Under a warranty provided by Mitsubishi at the time of the generators’ installation, their liability is capped at $128 million.
Without the one-time hit from San Onofre’s closure, income was actually up over a year ago for Edison, and the company’s stock rose five cents to close at $49.90 in trading, gaining an additional five cents after hours but falling to $49.38 as of this morning.
More like this:
- Edison calls for arbitration against Mitsubishi over faulty generators at San Onofre — Oct. 18, 2013
- Regulator points finger at Edison, Mitsubishi — Sept. 24, 2013
- Ratepayers should pick up the tab for San Onofre closure, utility says — Aug. 13, 2013
- Local firms Sempra, Bridgepoint post earnings results — Aug. 7, 2013
- Will San Onofre Return to Service This November? — Aug. 1, 2012