Nuclear, the gift that keeps on taking - San Onofre wants bail out for their screw-up

[kristopher]

SoCal utility wants Wall Street-style bailout
bykos

A couple of years ago, Southern California Edison had Mitsubishi build and install new generators for its San Onofre nuclear power plant. The two companies worked together both on the design and implementation of the project, yet two years later, the generators failed and the whole plant had to be shuttered. Thus, the $680 million Edison paid for those generators ended up being almost entirely wasted. Take a moment to weep for Edison's management and investors.

Or don't, because Edison doesn't think it or its investors should have to suffer the indignity of losing out on a bet.

Edison is asking the [California Public Utilities Commission] to allow it to recover about $2 billion for its capital expenditures alone through 2017, including a return on its capital investment of more than 5.5%. The PUC would have to decide how to apportion that sum between ratepayers and shareholders.

Got it? Edison wants ratepayers to pay for cost of the f'd up generators, the cost of building the plant itself, and, for good measure, a five percent profit to top it all off. And why would the utility ask for something this crazy?

...

http://www.dailykos.com/story/2013/08/22/1232983/-SoCal-utility-wants-Wall-Street-style-bailout?detail=hide

[mbperrin]

1. They ask, because in the current kleptocracy, there is no doubt they will receive.

If a bank teller made a $1,000 mistake, she'd have a good chance of losing her job.

County clerk one county over made a $22,000 error, end of career.

These guys? They'll get the 2/3 of a billion they wasted, and then get a 5.5% bonus on top of it!

Woo-hoo! Nuclear and petroleum - the two filthiest, most dangerous and most subsidized companies on the planet.

[kristopher]

2. Corporate accountability

Belongs with military intelligence, brave politician, scientific creationism and limited nuclear war.