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 restart.
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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