October 25, 2014
SAN FRANCISCO (AP) - California Attorney General Kamala Harris and the Public Utilities Commission say that a Canadian utility has agreed to a $750 million refund as part of a settlement for overcharging ratepayers during the state's energy crisis more than a decade ago.
Harris and the PUC say the deal with Powerex is the largest settlement to date. The British Columbia-owned hydro-electric utility is accused of market gaming by purchasing electricity from California, shipping it to Canada, and then selling it back to California at exorbitant prices.
The PUC says most of the refund will be distributed among customers from California's three largest utilities.
The Federal Energy Regulatory Commission must approve the settlement terms.
The state has already received billions of dollars in refunds from several utilities incurred during the energy crisis.
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