Duke Energy to pay $207.5 million to settle Calif. energy claims

[Kadie]

Duke Energy to pay $207.5 million to settle Calif. energy claims

By PAUL NOWELL, AP Business Writer


Last Updated: July 13, 2004, 07:55:15 AM PDT


CHARLOTTE, N.C. (AP) - Duke Energy Corp. is to pay $207.5 million in cash and credits to settle claims that it overcharged for wholesale electricity during the California energy crisis of 2000-01, the company said Tuesday.
To cover the settlement, the Charlotte-based energy company will take a $104.9 million pretax charge to its second-quarter results. The balance of the settlement will come from $102.6 million in previously announced reserve and associated offsets, Duke said.

snip...
California Attorney General Bill Lockyer said about $172 million of the settlement will go to California ratepayers, resolving claims that Duke overcharged for wholesale electricity.

"This is a good settlement for residential and business ratepayers, who were stuck with a multibillion dollar tab after energy companies ran amok in an unprecedented gouging spree," he said.

http://www.modbee.com/state_wire/story/8841282p-9729482c.html

[Trajan]

1. Why do I feel that is a pittance ? ...

WHY do I feel they are getting away with theft ?? ... \

200 million is a small TAX on their take: right ?