Southern California Edison Nuclear Decommissioning Trust

The trust has a single, legally defined purpose: to fund the decommissioning of the San Onofre Nuclear Generating Station (SONGS). All investment returns and principal are restricted for use on the planning, dismantling, and site restoration of the retired nuclear facility. This liability-driven mandate governs every asset allocation and spending decision.

The portfolio is managed against a declining liability curve, matching assets to the projected cash outflows for decommissioning tasks. This typically results in an allocation tilted toward fixed-income securities with appropriate duration and credit quality, supplemented by growth assets to offset cost escalations over the decades-long project. The exact manager lineup and fee structures are not publicly detailed by the trust.

The trust is a fiduciary entity created and funded by Southern California Edison (SCE), with contributions that were historically collected from ratepayers and placed into the trust. The California Public Utilities Commission (CPUC) provides regulatory oversight of the funding adequacy and cost recovery. SCE is ultimately responsible for any shortfall if the trust proves insufficient to complete decommissioning.

The permanent retirement of the San Onofre plant in June 2013 marked the strategic pivot. Before the shutdown, the trust was in an accumulation phase, building assets to meet future decommissioning costs. After the retirement, the trust entered its planned decumulation phase, requiring a gradual increase in portfolio liquidity to fund active dismantling and site cleanup activities.

The trust is governed by a board of trustees and managed by investment professionals operating within SCE's organizational structure. The names of individual trustees and specific investment committee members are not a matter of public record separate from SCE's broader corporate governance disclosures. Day-to-day management is carried out by the utility's internal treasury or finance department, often with external consultants.