Power Cos. Pony Up $40M Over Early-2000s Energy Crisis

Law360, New York (February 2, 2012, 9:24 PM EST) -- The Federal Energy Regulatory Commission on Thursday approved a nearly $40 million settlement between Nevada Power Co., Sierra Pacific Power Co. and California companies and regulators, ending long-standing antitrust claims stemming from the 2000-2001 California energy crisis.

The agreement releases claims that arose from events and transactions in the western energy markets throughout 2000 and 2001, during which the commission investigated various companies, including Nevada and Sierra Pacific, over their energy rates.

The California parties include Pacific Gas and Electric Co., San Diego Gas & Electric Co., Southern California...
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