Edison bosses sell $18M in stock after rate deal

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Associated Press

Posted on April 3, 2014 at 9:34 PM

Updated Friday, Apr 4 at 7:01 AM

LOS ANGELES (AP) — Two top executives at Edison International sold $17.7 million of company stock after Edison reached a major settlement involving the defunct San Onofre nuclear power plant in California.

They sold the stock March 31, when it climbed to its highest price since 2007.

Four days earlier, the company announced a proposed agreement with consumer advocates to end a dispute over who gets the bill for the shuttered plant.

Federal regulatory filings Wednesday show Chairman Ted Craver sold 172,644 shares for an average price of $56. Edison says his profit from the transaction was about $4.1 million.

Chief Financial Officer James Scilacci sold 143,438 shares for just over $8 million. Edison says he made $4.3 million on the transaction.

The stock sales were reported, as required, to the Securities and Exchange Commission.

Edison closed the plant in June.

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