Edison bosses sell $18M in stock after rate deal

Published on NewsOK Modified: April 3, 2014 at 9:25 pm •  Published: April 3, 2014
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LOS ANGELES (AP) — Two top executives at Edison International sold $17.7 million of their company's stock when it climbed to its highest price since 2007, after Edison reached a major settlement involving the defunct San Onofre nuclear power plant in Southern California, regulatory filings show.

On March 31, Chairman Ted Craver exercised stock options held since 2005 and sold 172,644 shares for an average of $56 each, according to federal regulatory filings Wednesday. He profited by about $4.1 million from the option price of roughly $32 per share, according to Edison.

On the same day, Chief Financial Officer James Scilacci sold 143,438 shares at an average of $56, a transaction that netted him $4.3 million, Edison said. He exercised options that were granted in 2005 and 2009 at prices of $25 and $32 per share.

On March 27, Edison, the majority owner of San Onofre, announced a proposed agreement with minority owner San Diego Gas & Electric Co. and consumer advocates to end a long-running dispute over who gets the bill for the shuttered nuclear plant, which was closed permanently last year.

If approved by state regulators, customers of the two utilities would get an estimated $1.4 billion in refunds and other savings.

Edison's share price climbed from $53.89 on March 27 to $56.61 on March 31, a gain of about 5 percent and the highest price since 2007.