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Regulator: Alter Nuclear Plant Deal via abc news

The state regulator overseeing the closure of Southern California’s San Onofre nuclear power plant said that a proposed settlement outlining who pays for the work needs to be a better deal for consumers.

The plant’s operators fashioned the deal with consumer groups this spring. That proposal “unfairly favors shareholders over consumers,” and the California Public Utilities Commission would not consider approving it without substantial revisions, Michael Florio, the commission member handling the multibillion-dollar settlement, said Friday.

The settlement’s supporters have estimated it could cost utility customers about $3.3 billion, while saving them $1.4 billion in additional charges.

Southern California Edison permanently closed the seaside plant between San Diego and Los Angeles last year. San Onofre initially was shut down in January 2012 after a small radiation leak led to the discovery of unusual damage to hundreds of virtually new tubes that carry radioactive water.

Once the plant was shut, the question turned to who should take the financial hit — company shareholders or customers.

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