Scott Marks 9:44 a.m., May 21
The cost of the ongoing emergency shutdown at San Onofre Nuclear Generating Station has topped $400 million for plant operator Southern California Edison, new disclosures reveal.
Edison’s costs thus far include $102 million for inspection and repair of defective steam generators, one of which leaked a small amount of radioactive steam in January 2012, leading to the shutdown. Another $300 million has been spent on acquiring replacement power from other sources.
A warranty provided by Mitsubishi Heavy Industries, the generators’ manufacturer, caps their liability at $138 million. So far, Mitsubishi has paid out $45 million of the $104 million in claims submitted by Edison.
Despite the problems at San Onofre, Southern California Edison still posted a 2012 4th quarter profit of $2.56 a share, as reported February 26, though it was offset by another of parent company Edison International’s businesses, Edison Mission Energy, which booked a $4.07 per share loss. The losses actually represent an improvement over previous quarters, however, and Edison’s stock rose from $46.09 at yesterday’s open to $47.14 as of midday February 27.