Jeff Smith 4 p.m., Aug. 28
San Onofre shutdown costs now over $400 million
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.
More like this:
- Ratepayers should pick up the tab for San Onofre closure, utility says — Aug. 13, 2013
- Edison: San Onofre losses could top $4 billion — Aug. 2, 2013
- Beginning of the end for San Onofre? — May 1, 2013
- San Onofre costs top $300 million — Nov. 2, 2012
- Will San Onofre Return to Service This November? — Aug. 1, 2012