So if an SCE customer’s monthly bill averages $100, they will see a monthly reduction of about $2.40. We expect to be more precise as we work through this.” “That could be in one, two or three years.
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“That will result in about a 2.4 percent reduction in their monthly bills until the full credit is applied,” she said. SCE spokeswoman Maureen Brown said 95 percent of the $312.8 million - minus legal costs - will be returned to Edison customers. “We expect Southern California Edison customers will begin to see the direct benefit of this settlement in early 2016 through reduced rates.” “This settlement represents a good outcome that is in the best interests of our customers,” Pizarro said in a statement. SCE will get the lion’s share of the settlement - $312.8 million - followed by San Diego Gas & Electric, $80 million, and the city of Riverside, which will receive $7.16 million.
Pizarro said 95 percent of the net insurance proceeds will benefit customers. Pedro Pizarro, president of Southern California Edison, a majority owner of San Onofre, said the settlement resolves the San Onofre owners’ claims under insurance issued by NEIL. The owners of the San Onofre nuclear plant have reached a $400 million settlement with Nuclear Electric Insurance Limited (NEIL) for facility outages, which were caused by the failure of replacement steam generators. Southern California Edison customers to benefit from $400M San Onofre settlement – San Gabriel Valley Tribune
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