There is no “welfare” in the system governed by the California Public Utilities Commission that oversees the delivery of electricity to 12 million customers in California.
Here’s how it works: Southern California Edison, an investor-owned utility, is the majority owner of the San Onofre Nuclear Generating Station. As a regulated utility, we receive cost reimbursement and a fair investment return over a long period of time on capital that shareholders and creditors advanced up front, as they did for the steam generators — all as part of the costs required to provide emission-free electricity for 1.4 million homes.
Now that the plant is shut down (because we elected to shut it down to ensure safe operations), the CPUC is prudently overseeing the rate recovery “process” Michael Hiltzik derides.
It is a careful and responsible process that cannot be derailed to satisfy hasty “feel-good” calls supposedly on behalf on the consumer. It is the consumer we work to serve every day.
The writer is president of Southern California Edison.