Try to read between the lines of SCEdison's proposal for the partial test restart at San Onofre.
Can you you see that SCE is ---wink, wink--- is trying to get you to see they are --wink, winking--at you?
SCE knows that San Onofre is toast. But they can't say that. We must say
that San Onofre is simply undergoing repair necessary for gradual
We must agree to pretend, for the present time, that San Onofre is less
than half-way through its operable power generating life span.
Because once we say that San Onofre's days are done generating
electricity, the FASB (financial accounting standards board) rules will
require that costs for decommissioning the facility must be recognized
on all of SCE's financial reports.
That will cause the financial ratios used by SCE's stock and bond
investors, and used to calculate executive bonuses, to change from
mildly sweet to excessively bitter.
The costs for decommissioning the San Onofre facility need to remain as
addendum items on SCE's books - still far out into the future when
technological advances are expected to make the estimated nominal costs
of decommission significantly less than today.
That's the little game - wink, wink - we all need to play along.
Until SCE can legally decouple the liability of decommission expense
from their asset and equity equation - lets just agree to say that full
power operation is just around the next corner.
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