Southern California Edison and the other owners of the shuttered San Onofre nuclear power plant have reached a $400 million claims settlement with a national power plant consortium that provided insurance for the power station.

The lion’s share of the settlement – $313 million – will go to SCE, a subsidiary of Edison International of Rosemead. About $80 million will go to the plant’s other major owner, San Diego Gas & Electric.

Southern California Edison President Pedro Pizarro said the utility’s customers would receive 95 percent of its share, or roughly $300 million.

“This settlement represents a good outcome that is in the best interest of our customers,” Pizarro said in a statement announcing the settlement. “We expect Southern California Edison customers will begin to see the direct benefits of this settlement in early 2016 through reduced rates.”

SCE shut down two units at the San Onofre nuclear station in northern San Diego County in January 2012 following the discovery of a small radiation leak and several cracks in one of the new $680 million steam generators Edison purchased from Mitsubishi Heavy Industries of Tokyo. The units were permanently retired in June 2013.

SCE still has outstanding a claim of nearly $7.6 billion against Mitsubishi; that claim is now before the International Chamber of Commerce in San Francisco, which is serving as arbitrator. Mitsubishi claims its liability for the generators is $137 million. SCE customers would receive half of whatever payout the utility ultimately obtains from Mitsubishi.