CDSO-501 CDSO Objection to Motion to Adopt San Onofre Settlement
Coalition To Decommission San OnofreCitizens Oversight (2014-04-11)
This Page: http://www.copswiki.org/Common/M1421
Media Link: http://www.copswiki.org/w119/pub/Common/M1421/I12-10-013-CDSO-Objection-To-Motion-To-Adopt-Settlement-2014-04-11.pdf
PRESS RELEASE -- IMMEDIATE RELEASE
Contact: Ray Lutz / 619-820-5321 / email@example.com
(Note: Mr. Lutz will be on travel and out of cell range from 4/12/2014 to 4/20/2014.)
RATEPAYER ADVOCATES SUBMIT OFFICIAL OBJECTION TO SAN ONOFRE SETTLEMENT
An objection was filed today by the Coalition to Decommission San Onofre / Citizens Oversight, Inc. regarding the recent San Onofre settlement, to cost ratepayers $3.3 billion over ten years. This objection is mainly about the PROCESS of secret settlement negotiations without all parties involved and without completing the entire investigation into the causes and responsibility of the failed steam generators.
CDSO believes ratepayers should not have to pay about $2.8 billion included in the settlement which compensates investors as if the plant were still functional after SCE mishandled the project and actively avoided NRC regulatory approval of the design.
"They say they take the plant out of rates. But in the next breath, they say ratepayers still have to pay for it, amortized over ten years. That means they are essentially leaving it in rates, forcing the ratepayer to underwrite the mistakes of Edison and their failed steam generator project," said Ray Lutz, National Coordinator for Citizens Oversight, representing the Coalition to Decommission San Onofre, a party at the CPUC proceedings regarding the outage at San Onofre. "It is unfair to charge ratepayers pay for the plant and also charge them for replacement power -- that's double-dipping. Add to that the potential return on the Mitsubishi lawsuit, insurance and salvaging, and you have triple dipping. This is a disaster for ratepayers and should not be approved."
Lutz noted that SCE executives liquidated stock options for $18 million after analysts realized it was a goldmine for Edison while roasting ratepayers.
Lutz said his organization will also be preparing a more extensive comment on the settlement and will be holding public meetings to explain the unfair nature of the settlement proposal in the May 1 time frame in the San Clemente and San Diego areas, details to be announced.
SEE ATTACHED PDF DOCUMENT.
I12-10-013-CDSO-Objection-To-Motion-To-Adopt-Settlement-2014-04-11.pdf: CDSO Objection to Motion to Adopt San Onofre Settlement
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