SoCal Gas Reaches Aliso Canyon Settlement as Costs Top $1 Billion

“It’s been nearly three years since the Aliso Canyon natural-gas storage facility sprung a massive leak, sickening many, evacuating thousands and forcing a shutdown of the Los Angeles region’s primary reserve for natural gas to keep homes warm in winter and supply regional power plants at times of peak grid demand.

SoCalGas, a unit of Sempra energy, officially broke the $1.014 billion mark for Aliso Canyon costs in its quarterly earnings filing this week. The estimate is up 6.3 percent from $954 million in the previous quarter, and almost all of it ($987 million) has been largely recovered or is likely to be recovered through insurance, the company stated.

Of the total, about 55 percent was for temporary relocation of the people forced to evacuate their homes during the leak. However, SoCalGas also warned that the estimates could “rise significantly” due to still-pending lawsuits and potential fines.”

Click here to read more from Green Tech Media.

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