PUC OKs Diablo Canyon Payment Plan, Rates
The state Public Utilities Commission voted final and unanimous approval today to a payment plan for the long-delayed Diablo Canyon nuclear power plant that will base rates on how well the plant performs, starting with a 5% increase in January.
The unique 28-year plan was agreed to by Pacific Gas & Electric Co., the PUC staff and Atty. Gen. John Van de Kamp. It avoids a full-scale review of the plant’s $5.5-billion construction cost, which would have taken at least another year.