PUC Approves Edison’s Plan for Repayment
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Edison International’s plan to pay a group of alternative-energy producers owed $1.1 billion by the company’s indebted Southern California Edison utility unit was approved by California regulators.
The state Public Utilities Commission approved the plan on a 5-0 vote. The plan calls for Southern California Edison to pay the debts as soon as the utility can arrange financing, which is expected by March 31. A previous agreement for the generators not to sue Edison expired Dec. 31. The new plan expires May 31.
Southern California Edison, the state’s second-largest utility, accrued $3.3 billion in debt buying power for more than state law allowed it to charge customers. In October, the utility averted bankruptcy by persuading the PUC to allow it to pay the debt using money from customer bills.
Edison shares rose 14 cents to $15.36 on Wednesday. The shares have fallen 3.4% in the last year.
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