FERC Approves $18M Energy Crisis Settlement

Law360, New York (July 6, 2007, 12:00 AM EDT) -- The Federal Energy Regulatory Commission has approved an $18 million settlement between a unit of BP Plc and three California utilities over alleged price manipulation during the 2000-2001 Western energy crisis.

Under the settlement, BP Energy Co. will pay the money into an account to be designated by the California Department of Water Resources. BP also agreed to cooperate with the utilities and the state government as they pursue other similar claims.

The settlement addresses allegations by Southern California Edison Co., Pacific Gas and Electric Co.,...
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