California Parties Settle Energy Crisis Refund Claims With Portland General.ROSEMEAD, Calif. -- Southern California Edison Southern California Edison (or SCE Corp), the largest subsidiary of Edison International (NYSE: EIX), is the primary electricity supply company for much of Southern California. It provides 11 million people with electricity. (SCE SCE (in Scotland) Scottish Certificate of Education SCE n abbr (= Scottish Certificate of Education) → Schulabschlusszeugnis in Schottland ) and other California parties seeking refunds of energy overcharges during the state's 2000-2001 energy crisis have reached a settlement resolving claims against Portland General Electric This article is not to be confused with PG&E, a San Francisco, California-based utility company Portland General Electric (PGE) (NYSE: POR) is an electrical utility, formerly owned by the Houston-based Enron Corporation (but now independent), that distributes electricity to (PGE) of Portland, Ore. The settlement addresses specified claims made by SCE, Pacific Gas and Electric, San Diego Gas & Electric, the California Public Utilities Commission The California Public Utilities Commission (CPUC; also often commonly referred to as simply the PUC) [1] is a state Public Utilities Commission which regulates privately-owned utilities in the state of California, including electric power, (CPUC CPUC California Public Utilities Commission CPUC Current Procurement Unit Cost ), the California Electricity Oversight Board, the California Department of Water Resources History 1850-1875 California recognizes many types of water rights. These rights have developed with the State over time. Prior to the Treaty of Guadalupe Hidalgo, signed in 1848, California was part of Mexico. Electric Power Fund, and the California Attorney General The California Attorney General is the State Attorney General of the government of the state of California in the USA. The officer's duty is to ensure that "the laws of the state are uniformly and adequately enforced" (California Constitution, Article V, Section 13. . "We thank representatives of the U.S. Court of Appeals for the Ninth Circuit and the Federal Energy Regulatory Commission The Federal Energy Regulatory Commission (FERC) is the United States federal agency with jurisdiction over electricity sales, wholesale electric rates, hydroelectric licensing, natural gas pricing, and oil pipeline rates. for their assistance reaching this agreement, and we hope other suppliers that have not yet settled will elect to benefit from the same assistance," said Alan Fohrer, SCE chief executive officer. Under the terms of the settlement, the total value of PGE's refunds will be more than $65 million when $59 million in new refunds and associated interest are added to an earlier $6.1 million payment by PGE. SCE's share is expected to be approximately $15 million. The settlement will benefit SCE customers through adjustments in rates as provided for in a CPUC order. The settlement is subject to the approval of FERC FERC Federal Energy Regulatory Commission FERC FEMA Emergency Response Capability and would resolve, among other things, PGE's portion of claims by the California parties in the current FERC refund case, any additional refund obligations PGE has for sales into California electricity markets during the summer of 2000, and certain potential civil claims.
Progress Recovering Energy Crisis Overcharges
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Power Date Total SCE SCE Customers
Provider Announced Settlement Portion Begin
Benefitting
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1 El Paso(a) March 20, 2003 $1,057,000,000 $263,000,000 August-04
2 Williams Feb. 25, 2004 $417,000,000 $41,000,000 April-05
3 Dynegy April 26, 2004 $281,500,000 $43,000,000 April-05
4 Duke July 13, 2004 $200,000,000 $48,000,000 April-05
5 Mirant Jan. 14, 2005 $645,000,000 $101,000,000 Feb.-06
6 Enron(b) July 15, 2005 $360,000,000 $70,000,000 Feb.-06
7 Reliant Aug. 15, 2005 $525,000,000 $130,000,000 Feb.-06
8 PS Colorado Aug. 26, 2005 $7,000,000 $2,358,000 Feb.-06
9 IDACORP Feb. 16, 2006 $24,000,000 $6,000,000 Jan.-07
10 Eugene Water
& Electric
Board July 10, 2006 $430,000 $120,000 Jan.-08
11 Portland
General
Electric(c) March 12, 2007 $54,000,000 $15,000,000 Jan.-08
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Totals $3,570,930,000 $719,478,000
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The EWEB and Portland General settlements are pending approval by the
Federal Energy Regulatory Commission.
(a) The El Paso proceeds include SCE's presumed share of CDWR's
refunds. Half of the refund was paid up front and half will be paid
over 15 years.
(b) SCE portion of Enron settlement estimated. The cash value shown in
excess of a $47.5 million cash payment represents 35 cents on the
dollar. Total settlement includes a $600-million subordinated claim in
favor of government entities.
(c) SCE portion estimated.
An Edison International (NYSE NYSE See: New York Stock Exchange :EIX) company, Southern California Edison is one of the nation's largest electric utilities, serving a population of more than 13 million via 4.7 million customer accounts in a 50,000-square-mile service area within central, coastal and Southern California. |
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