This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

SCE Makes Public A White Paper, Key Documents Showing That Mitsubishi Failed To Offer Viable Plan To Repair Or Replace Failed Replacement Steam Generators

Southern California Edison (SCE) today made public a white paper, supported by key documents, demonstrating that “for over 16 months, Mitsubishi failed to offer any viable, implementable and licensable plan that would safely and reliably restore the replacement steam generators to 100-percent power for their promised 40-year operational life” at the San Onofre nuclear plant.

SCE’s publication of these materials follows the Sept. 20 findings of the Nuclear Regulatory Commission that Mitsubishi’s replacement steam generators at the San Onofre Nuclear Generating Station failed, in part, due to a flaw in Mitsubishi’s proprietary computer code used to design and manufacture them.

The steam generator white paper and timeline made public today by SCE can be found at www.SONGScommunity.com/library. According to SCE, once the Mitsubishi-designed and -manufactured replacement steam generators failed, “SCE spent hundreds of millions of dollars to investigate, repair and keep San Onofre in a state of readiness for potential restart.”

Despite Mitsubishi’s contractual obligations, Mitsubishi failed to provide SCE with complete documentation regarding the replacement steam generators failures and potential repairs, “repeatedly delayed in providing a final repair recommendation and failed to substantiate that the repair proposal and the replacement proposal eventually offered would resolve the underlying problems with Mitsubishi’s design.”

The SCE materials also detail SCE’s repeated attempts to gain access to important documents in Mitsubishi's possession. Nonetheless, according to the SCE white paper, “Mitsubishi still refuses to allow SCE access to its documents.”

The SCE documents released today also illustrate how Mitsubishi failed “to fulfill its contractual obligation to ‘repair or replace (as appropriate) any defective part’ of the replacement steam generators ‘at its sole expense with due diligence and dispatch.’” On the contrary, “despite these constant meetings and other communications, Mitsubishi failed to offer a repair plan that (1) solved the cause of the replacement steam generator failures, (2) was feasible and implementable, (3) was validated and (4) was licensable.”

1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
SYM TRADE IT LAST %CHG

Markets

DOW 18,285.74 +0.34 0.00%
S&P 500 2,130.82 +4.97 0.23%
NASDAQ 5,090.7940 +19.0510 0.38%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs