10 CFR 2.206 Petition Review Board RE Peach Bottom Units 2 and 3 Transcripts
Feb 13 2013
"Anyway, anybody listen to the State of the Union speech last night? The White House basically frames it like it's time to apply the same rules from the top to the bottom. President Obama laid out a blueprint for an economy built on American manufacturing, American energy, skills for the American worker, and a renewal of American values, and American built to last. We can either settle for a country with a shrinking number of people who do well while a growing number of Americans barely get by, or we can restore an economy where everybody gets a fair shot, everybody does his fair share, and everybody plays by the same rules.
So, one of the components he outlined was a fair shot, a fair share, and a fair set of rules. Millions of American -- millions of Americans who work hard and play by the rules every day deserve a government, financial systems that do the same. So, you know, as far as being complete and honest and stuff like that, you know, it's a privilege that I'm -- for you people that I'm here and asking questions. And that's the way you should look at me. I'm a very rare individual that comes here and asks some difficult questions and stuff like that. And I'm an American citizen. I live in the best country on the planet, and that should afford me some special rules. And you people should answer me honestly because really, you're answering the public out there and stuff.
I needn't remind you that LERs and the special reports are not necessarily about following the rules. A lot of times it's being honest and ethical and disclose everything. That's the way our system is supposed to run, our free market is supposed to run. We're supposed to all have access to adequate information, and as far as our financial system is concerned and our rate payers, and the stockholders, they ought to get a fair shot of understanding what's going on with these companies. And if these politicians make all these rules that limit what the NRC can do, and say, and stuff like that then you're screwing the rate payer and the financial people, and the stockholders.
Ultimately, these things end in a crash when people aren't honest and truthful, and I don't care if they're following the rules. The ultimate income is to do good for us all, and not just follow the rules. They need to have a higher calling than following the rules."
Markey: Did San Onofre Operator Violate Federal Securities Law?
Feb 21 2013 SEC letter
Company May Have Failed to Fully Inform Investors about Design Issues, Rejected Safety Fixes, Attempted to Avoid New License Requirements
WASHINGTON (February 21, 2013) – Rep. Ed Markey (D-Mass.) today raised the possibility that the utility in charge of the San Onofre nuclear power plant in southern California may have violated federal securities laws by failing to publicly report safety information to investors.
According to a letter sent by Rep. Markey to Securities and Exchange Commission head Elisse Walter, the lawmaker says investors do not appear to have been fully and accurately informed of design flaws found by Southern California Edison and Mitsubishi in advance of the replacement of parts of the plant, and that SoCal Edison decided to reject recommended safety modifications for fear that they would be required to undertake a new license process before the parts could be installed. SoCal Edison is the operator of the plant and hired Mitsubishi as a contractor.
The plant’s two nuclear reactors have been shuttered since January 2012 because of unusual amounts of wear found in tubes in the replaced steam generators. In his letter to the SEC, Rep. Markey raises the question of whether by hiding potential design flaws in the replacement generators, and omitting that the company reportedly did so to avoid having to apply for an amended license to operate the reactors, SoCal Edison may have violated the Securities Act of 1933. That law says that all “material facts” -- information that an investor would consider important -- must be fully disclosed.
“Investors presumably would want to know whether a company is choosing not to implement additional safety protocols because such actions might require a nuclear reactor to go through a more strenuous licensing process,” writes Rep. Markey, who is the Ranking Member of the Natural Resources Committee. “Such choices could be evidence of poor management or even possible future civil liability.”
The full letter to SEC Acting Chairman Walter is available HERE.
Rep. Markey also asked the SEC what the penalties would be for violations of this law, and whether other enforcement actions have been taken against energy companies for failing to disclose under similar facts and circumstances. Last week, the Nuclear Regulatory Commission confirmed that they are investigating the completeness of information SoCal Edison provided on the replacement of steam generators.
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