Southern California utility customers could see returns of $1.4 billion if a joint settlement related to last year’s shuttering of the San Onofre nuclear plant is approved by the California Public Utilities Commission.

The settlement calls for San Diego Gas & Electric and Southern California Edison, the plant’s majority owner, to refund all revenues associated with the faulty steam generators that caused radiation leaks beginning Feb. 1, 2012.

SDG&E and Edison negotiated the proposed settlement with San Francisco consumer advocacy group The Utility Reform Network and the state-run Office of Ratepayers Advocates, a segment of the Public Utilities Commission.

About $286 million will be returned to San Diego Gas & Electric customers and $1.1 billion will be returned to Southern California Edison customers, according to a statement from the Office of Ratepayers Advocates.

"We believe this settlement is fair and reasonable and balances the interests of customers and shareholders," Jeffrey W. Martin, CEO of SDG&E, said in a statement.