Customer Rate Cuts Go Into Effect From Final San Onofre Nuclear Plant Settlement
Media Contact: Liese Mosher, (626) 302-2255
Investor Relations: Sam Ramraj, (626) 302-2540
ROSEMEAD, Calif., Aug. 28, 2018 — Beginning immediately, Southern California Edison customers will see rate reductions reflected in their bills following the July 26 approval by the California Public Utilities Commission of a modified settlement resolving costs and what customers are owed associated with the closure of the San Onofre nuclear plant.
“We have been on a path with an eye toward customer bill reductions for many months now,” said SCE President Ron Nichols. “The settling parties had proposed the reductions eight months ago and we are gratified to see these now go into effect for our customers.”
Nichols said there are two elements to the reduction in customer rates: a one-time refund of about $11 per average residential customer and $6 for an average customer participating in the California Alternate Rates for Energy (CARE) assistance program to offset revenues collected since last December; and a 2 percent reduction in rates going forward, which equals about $2 per month for an average residential customer and $1 for an average CARE customer. Rate reductions for non-residential customers will vary depending upon a number of factors.
The total rate reductions under the approved settlement — $775 million of which $155 million is the refund amount — are in addition to the more than $2 billion in customer savings under the 2014 settlement that was modified by the commission’s July 26 action.
SCE retired San Onofre Units 2 and 3 in June 2013 after a contractor provided faulty steam generators. SCE is focused on safely decommissioning the nuclear plant, guided by core principles of safety, stewardship and engagement. SCE has established a Community Engagement Panel to support those principles. For more information, visit songscommunity.com.
About Southern California Edison
An Edison International (NYSE:EIX) company, Southern California Edison is one of the nation’s largest electric utilities, serving a population of approximately 15 million via 5 million customer accounts in a 50,000-square-mile service area within Central, Coastal and Southern California.