Dive Summary:

• About five million Southern California Edison Co. (SCE) customers will face a rate increase of about $7 a month and will see further increases of 6.3 percent in 2013 and 5.9 percent in 2014.
• The new rates were unanimously approved by the state's Public Utilities Commission on the grounds that they ensure SCE's ability to invest in smart energy systems, renewables, and safety and reliability.
• SCE was hoping for a larger increase - 16.6 percent - and cited a December 2011 wind storm and the extended shutdown of the San Onofre Nuclear Generating Station as two of the challenges that led to the request for a rate increase.

From the article:

Edison in a statement called the commission's action "constructive" because the decision helps it finance needed upgrades in its system.

Consumer groups said they were pleased that commissioners granted Edison, a unit of Edison International, less than what the company sought from the PUC. ...