FERC OKs Edison’s Plan to Buy Plant

Edison International’s plan to buy a power plant under construction east of Los Angeles was approved by the Federal Energy Regulatory Commission, which rejected assertions by Edison’s competitors that the sale would harm the wholesale market.

Edison’s Southern California Edison unit, the second-largest electric utility in California, sought FERC approval to buy the full output of the proposed 1,054-megawatt Mountainview Power Co. for 30 years at rates based on production costs.

The commission dismissed arguments from critics who said the proposed deal would allow Edison to circumvent regulatory oversight of utility-owned generation and shift the project’s risks to customers.

Shares of Rosemead-based Edison rose 61 cents to $22.80 on the NYSE.