Settlement Reached in San Onofre Nuclear Plant Closure

ROSEMEAD, Calif.–(BUSINESS WIRE)–Southern California Edison and consumer parties today submitted a
settlement agreement to the California Public Utilities Commission
regarding issues and costs associated with the closure of the San Onofre
nuclear plant. If approved by the commission, the agreement
would bring to conclusion the commission’s proceeding regarding San
Onofre by revising the prior settlement it approved in 2014.

“We are pleased to be able to bring closure to this issue,” said SCE
President Ron Nichols. “The parties undertook extensive efforts over
many months to reach agreement and SCE looks forward to timely
regulatory approval.”

A summary of the agreement is available here.
Nichols noted the following key terms of the settlement:

• Customers of SCE and San Diego Gas & Electric Co. will no longer pay
  for $775 million in San Onofre-related investments that had not yet
  been recovered by the utilities under the 2014 settlement. SCE
  customers’ portion of that total reduction is worth roughly $68 per
  residential customer over the next four years.
• Because the agreement awaits approval by the commission, any amounts
  collected by the utilities in excess of the $775 million while the
  proposed settlement is pending will be refunded to customers.
• In addition, the plaintiffs in a federal court lawsuit challenging the
  commission’s approval of the 2014 settlement have agreed to dismiss
  that case in its entirety following commission approval of the revised
  settlement announced today.
• SCE will reimburse SDG&E for SDG&E’s $151 million share of the $775
  million. This provision will not reduce the revised settlement
  benefits SCE customers receive.

SCE and plant co-owner, SDG&E, have already returned more than $2
billion to customers under the 2014 settlement, which ensured that
customers did not pay for the faulty steam generators, which prompted
the closure of San Onofre, from the time this equipment failed.

SCE retired San Onofre in June 2013 after a contractor provided faulty
steam generators. SCE is focused on safely decommissioning the nuclear
plant, guided by core principles of safety, stewardship and engagement.
SCE has established a Community Engagement Panel to support those
principles. For more information, visit songscommunity.com.

About Southern California Edison

An Edison International (NYSE:EIX) company, Southern California Edison
is one of the nation’s largest electric utilities, serving a population
of approximately 15 million via 5 million customer accounts in a
50,000-square-mile service area within Central, Coastal and Southern
California.

Contacts

Southern California Edison
Media
Contact: Maureen Brown, (626) 302-2255
Investor Relations: Sam
Ramraj, (626) 302-2540