FERC OKs $14M Calif. Energy Crisis Settlement

Law360, New York (October 27, 2008, 12:00 AM EDT) -- The U.S. Federal Energy Regulatory Commission has approved a settlement of more than $14 million related to transactions a California city conducted during a period of skyrocketing prices for electricity and natural gas in the western United States.

The regulator said Thursday that it had finalized the deal between the city of Vernon and several utilities and California agencies involved in the 2000-2001 energy crisis.

The city agreed to give up a claim for more than $8 million for energy it says it supplied to the...
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