Powerex Pays $750M To Settle Calif. Energy Crisis Claims
Law360, New York (August 16, 2013, 4:12 PM EDT) -- Canadian power marketer Powerex Corp. agreed Friday to pay $750 million to settle allegations that it abused its market power during California's 2001 energy crisis.
State officials had accused Powerex, a unit of the government-owned British Columbia Hydro & Power Authority, of gaming the energy market by purchasing and exporting to Canada huge quantities of electricity California needed and then selling it back to the state at exorbitant prices.
Under the terms of the settlement between Powerex and parties including the California Attorney General's Office, the state's Public Utilities Commission and three of the state's largest utilities — Pacific Gas &...
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