Energy companies reach $280 million settlement with California

[Kadie]

Energy companies reach $280 million settlement with California


By JENNIFER COLEMAN
The Associated Press
4/26/04 9:22 PM


SACRAMENTO, Calif. (AP) -- Dynegy Inc. and NRG Energy Inc. struck a deal to wipe out more than $280 million in unpaid electricity bills during California's energy crisis, state officials said Monday.

The settlement resolves refund claims and accusations the companies charged unjust or unreasonable electricity rates after October 2000. It also includes $50.9 million to settle claims before October 2000, which federal regulators wouldn't consider.

"This settlement provides Californians with a measure of justice from one of the most rapacious pirates of the energy crisis," California Attorney General Bill Lockyer said in a statement.

The settlement leaves Lockyer free to continue lawsuits against the companies for alleged antitrust violations, charging illegal rates and selling the same energy twice.

more... http://www.mlive.com/newsflash/business/index.ssf?/newsflash/get_story.ssf?/cgi-free/getstory_ssf.cgi?f0386_BC_Calif.-EnergySettleme&&news&newsflash-financial

[mike_c]

1. chump change....

Pennies on the dollar.

[FreakinDJ]

2. 330.9 million for 9 Billion in overage charges

Sound like Aaaurnolds type of left wing corporate give away

[orwell]

3. Crime Pays

Who said crime doesn't pay. It always pays when you're hooked up with the BFEE.

These pricks should be in jail.

O

[jcldragon]

4. Being a Radical who merely votes Democratic.....

For a very long time, I have advocated nationalizing the oil & power companies (and their assets), as Public Utilities, with their revenues being applied to the National Debt. Energy is basic to the infrastructure of our society, and we can clearly see the abuses, when it is held in private hands.

[ctex]

5. But only $22.5 million in cash

The $281.5 million settlement for overcharges was offset by $259 million in unpaid bills owed Dynegy & NRG Energy by California utilities. This means these energy companies have to cut a check for just $22.5 million.