FERC OKs Big Settlement In California Energy Crisis

Law360, New York (March 1, 2007, 12:00 AM EST) -- The Federal Energy Regulatory Commission on Friday approved a massive settlement between power dealer APX Inc. and about 30 other parties over money owed after the California energy crisis of 2000 to 2001.

The agreement settles claims between energy companies who bought and sold through APX, a privately owned broker, and the California Power Exchange (CalPX) and the California Independent System Operator, two state-run markets.

The deal will largely be funded by CalPX’ $53 million payment to APX—money that CalPX has been holding in escrow, FERC...
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