The Federal Energy Regulatory Commission announced yesterday that two power companies will pay $84 million to settle claims of market manipulation during California's 2000-01 energy crisis.
The two companies -- PacifiCorp and a unit of El Paso Corp. -- agreed to the fines to settle all outstanding claims against them for manipulating California and the Pacific Northwest power markets during the crisis, which included rolling blackouts and record prices for power and natural gas.
FERC commissioners approved a $56-million settlement from the El Paso unit. PacifiCorp will pay $27.9 million.
"These settlements put us another step closer to finally resolving the lingering issues from the Western energy crisis and returning money to consumers," Commission Chairman Joseph T. Kelliher said.
The California attorney general's office, Public Utilities Commission and other state agencies and offices agreed to the settlement, according to FERC (Los Angeles Times, June 22). -- EB
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