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Energy Crisis

Ephrata, WA: (May-13-08) The Grant County Public Utility District brought charges against Pacific Gas and Electric Co., Southern California Edison Co., a unit of Edison International and San Diego Gas & Electric Co., a unit of Sempra Energy, over unpaid power sales during the 2000-01 energy crisis. Records indicate that during the crisis, electricity prices skyrocketed to $200 to $500 a megawatt from $30 to $50 a megawatt, as a result of manipulation that was carried out by the now bankrupt Enron Corp.

The suit sought to recover as much as $17.5 million from the three California utilities. California groups claimed that power prices should have been reduced to levels set by the Federal Energy Regulatory Commission, a claim that PUD lawyers said that as a public utility, the PUD was exempt from oversight by the panel. As part of a settlement reached, the three utilities agreed to an $11.8 million payout to resolve allegations. [YAHOO FINANCE: WASH. UTILITY TO GET $11.8M IN ENRON-RELATED SETTLEMENT]

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Published on May-14-08


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