Sempra Energy to pay $410M to settle energy suits (price gouging in California)

[LeighAnn]

Source: Seattle Post-Intelligencer

SAN DIEGO -- Sempra Energy said Tuesday it has agreed to pay $410 million to settle claims that it gouged California on electricity contracts that were signed as the state struggled through an energy crisis a decade ago.

The San Diego-based owner of San Diego Gas & Electric Co. and the Southern California Gas Co. reached an agreement in principle with state and federal regulators for a cash settlement without acknowledging any wrongdoing, company spokesman Doug Kline said.

The California Public Utilities Commission approved the proposed settlement last week but it still will need approval from the Federal Energy Regulatory Commission, which is expected later this year, Kline said.

"The settlements will put hundreds of millions of dollars back into the pockets of California energy consumers who suffered blackouts and great economic harm during the energy crisis," state Attorney General Jerry Brown said in a written statement.



Read more: http://www.seattlepi.com/business/1310ap_us_sempra_power_crisis.html

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Supposedly, "Customers of San Diego Gas & Electric, Southern California Edison and Pacific Gas & Electric Co. will see their bills reduced next year by an amount to be set by the Public Utilities Commission"

[indepat]

1. But Goldman et al have done nothing wrong, have not gamed the financial markets, just as surely as

Enron did not game the energy markets. Yeah! :-)

[Journeyman]

2. My friend's market, however, is still out-of-business, victim of the energy pirates . . .

[happygoluckytoyou]

3. arnold "AHHH....they are delivering my golden parachute ! ! !"