Contact: Eben Burnham-Snyder, Rep. Ed Markey, 202-225-2836
Congressman Wrote SEC about Southern California Edison's Failure to Inform Investors of Key Information
WASHINGTON (April 8, 2013) – The Securities and Exchange Commission is evaluating whether the operator of the San Onofre nuclear power plant in California violated securities laws by failing to disclose design flaws for replacement parts, according to a document released today by Rep. Ed Markey (D-Mass.). In a letter sent to Rep. Markey in response to an inquiry to the agency, Elisse B. Walter, Chairman of the SEC, said the SEC is evaluating the information provided by the lawmaker, and that it is up to the company -- in this case, Southern California Edison -- to disclose key information, like “financial and business risks” to investors.
In his original letter to the SEC in February, Rep. Markey said that investors do not appear to have been fully informed of certain design flaws discovered by either plant operator SoCal Edison or plant designer Mitsubishi prior to replacement parts being installed in the plant. In the letter to the SEC, Rep. Markey said that investors were apparently not informed that SoCal Edison did not use better safety upgrades recommended by its technical experts, because it could have led to a more rigorous safety review and licensing process.
“If SoCal Edison broke securities law, they should be held accountable,” said Rep. Markey. “For the SEC, this is a matter of law, but for the millions of people who live near San Onofre, this is a matter of safety. I hope these issues get a full and fair review.”
In February, the Nuclear Regulatory Commission confirmed that they are investigating the completeness of information SoCal Edison provided on the replacement of steam generators.
Copies of both letters, along with other information on Rep. Markey's investigation into San Onofre, are available HERE.
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