PGE To Cut $59M From California "Crisis" Payments

Law360, New York (March 13, 2007, 12:00 AM EDT) -- Portland General Electric Co. has agreed to pay $59 million in refunds and interest to a group of California energy firms to settle allegations it charged too much for electricity during California’s energy crisis in 2000 and 2001.

The Portland, Ore.-based utility filed the settlement on Monday with the Federal Energy Regulatory Commission (FERC), which had been investigating the sales during related proceedings at the U.S. Court of Appeals for the Ninth Circuit.

The settlement addresses claims by Southern California Edison, Pacific Gas and Electric, San...
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