SACRAMENTO — Electricity customers in Southern California would receive $1.4 billion in refunds on their bills over the next eight years as part of an agreement between two utilities and ratepayer organizations over the closing of the San Onofre nuclear power plant.
The proposed settlement, announced Thursday, still needs approval from the California Public Utilities Commission.
Both ratepayer advocates and executives at Southern California Edison Co. and San Diego Gas & Electric Co. said they were satisfied with the deal.
"The proposed settlement represents a huge win for consumers," said Matthew Freedman, an attorney with the Utility Reform Network, a San Francisco group known as TURN. "It will hold utility shareholders accountable for the fiasco" at the nuclear generating station and "expedite refunds to customers."
San Onofre was shut in early 2012 after a small radioactive leak was discovered in newly installed steam generators. In June 2013, Edison opted for permanent closure and eventual decommissioning.