California attorney general announces $750M refund from Canadian utility Powerex

By Dale Kasler
dkasler@sacbee.com
By Dale Kasler The Sacramento Bee
Last modified: 2013-08-16T14:38:39Z
Published: Friday, Aug. 16, 2013 - 7:36 am

A Canadian utility has agreed to refund $750 million to California ratepayers for over-charges during the 2000-01 energy crisis, Attorney General Kamala Harris announced today.

Most of the refund will go to customers of California's largest utilities, under a system to be decided by the Public Utilities Commission.

Harris said Powerex, a big hydro-electric utility owned by the province of British Columbia, "engaged in market gaming" by purchasing electricity from California, shipping it to Canada, and then selling it back to California at inflated prices.

"Californians suffered through huge rate hikes and blackouts during the energy crisis," Harris said. "This settlement brings long-awaited compensation to California ratepayers for Powerex's conduct."

California has been able to secure billions of dollars in refunds, but is still owed billions more, for damages incurred during the energy crisis.

Call The Bee's Dale Kasler, (916) 321-1066. Follow him on Twitter @dakasler.

http://www.sacbee.com/2013/08/16/5656168/california-attorney-general-announces.html