Reuters logo
6 months ago
Japan's Mitsubishi Heavy expects ruling on San Onofre nuclear plant claim by end March: CEO
February 2, 2017 / 6:35 AM / 6 months ago

Japan's Mitsubishi Heavy expects ruling on San Onofre nuclear plant claim by end March: CEO

2 Min Read

Mitsubishi Heavy Industries President and Chief Executive Shunichi Miyanaga attends a news conference in Tokyo, Japan May 9, 2016.Issei Kato

TOKYO (Reuters) - Japan's Mitsubishi Heavy Industries Ltd (7011.T) (MHI) expects arbitrators to rule by the end of March on a compensation claim related to the shutdown of California's San Onofre nuclear plant brought by a unit of Edison International (EIX.N).

"I have a feeling the ruling will come by the end of the current fiscal year," said MHI President and Chief Operating Officer Shunichi Miyanaga, speaking at a briefing in Tokyo on Thursday after the company released its third-quarter results. MHI's business year ends on Mar. 31.

The dispute is being arbitrated by the International Chamber of Commerce.

Southern California Edison (SCE) is seeking as much as $7.6 billion, accusing MHI of contract violations for failing to properly design or quickly repair two steam generators it built for the utility's now-closed San Onofre nuclear plant.

One of the steam generators, which came with a 20-year warranty, experienced a small radioactive coolant leak after a year, forcing SCE to take the plant off-line in early 2012.

MHI has maintained that its contractual liability on the matter is limited to up to $137 million.

Reporting by Kentaro Hamada; Writing by Tim Kelly; Editing by Kenneth Maxwell

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below