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

Discussion in 'General' started by smoketheherb, Jul 14, 2004.

  1. ahahhahhhhhahah fuc kkkkkkk yeah

    CHARLOTTE, N.C. (AP) -- Duke Energy Corp. will take a $104.9 million second-quarter charge to help foot a $207.5 million settlement of claims it overcharged for wholesale electricity during the California energy crisis of 2000-01, the company said Tuesday.

    The Charlotte-based energy company said the pretax charge will be reflected in results it is scheduled to release July 29.

    The balance of the settlement will come from $102.6 million in previously announced reserve and associated offsets, Duke said.

    Shares of Duke Energy gained 12 cents to close at $20.59 Tuesday on the New York Stock Exchange.

    The settlement involved federal regulators, the states of Washington and Oregon -- which were also affected by the regional energy crisis -- and California's three largest investor-owned utilities, Duke said in a statement.

    "Today's announcement brings welcome closure to these protracted proceedings, removing the associated risks and burdens of regulatory and legal uncertainty," said Fred Fowler, Duke Energy president and chief operating officer. "It also eliminates the time and costs necessary to litigate these issues."

    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 during the state's 2000-01 energy crisis.

    "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.

    The settlement must be approved by the California Public Utilities Commission and the Federal Energy Regulatory Commission. Under terms of the settlement, Lockyer is to end civil enforcement actions against Duke, the attorney general said.


Grasscity Deals Near You


Share This Page