FOUL WINDFALL? L.A. COUNTY CLAIMS SEMPRA PART OF PRICE CONSPIRACY.Byline: Troy Anderson Staff Writer Los Angeles Los Angeles (lôs ăn`jələs, lŏs, ăn`jəlēz'), city (1990 pop. 3,485,398), seat of Los Angeles co., S Calif.; inc. 1850. County has filed suit against Sempra Energy Sempra Energy NYSE: SRE is a San Diego, California-based energy services holding company that was founded in 1998. Sempra owns the Southern California Gas Company, San Diego Gas & Electric, Sempra Commodities, and Sempra Generation. , and its subsidiary, the Southern California Gas This article or section needs sources or references that appear in reliable, third-party publications. Alone, primary sources and sources affiliated with the subject of this article are not sufficient for an accurate encyclopedia article. Co., claiming a massive conspiracy to drive up the cost of natural gas and electricity will cost taxpayers hundreds of millions of dollars. Similar lawsuits were filed early last year by the cities of Los Angeles and Long Beach and several local businesses. The county, which is facing a $1 billion deficit in its health care system over the next few years, has been looking for Looking for In the context of general equities, this describing a buy interest in which a dealer is asked to offer stock, often involving a capital commitment. Antithesis of in touch with. ways to cut expenses - including its utility bills. The lawsuit, seeking unspecified damages, claims that Sempra Energy and some of its subsidiaries engaged in a massive conspiracy to eliminate competition in the newly deregulated energy industry and to raise the price of natural gas and electricity in Southern California Southern California, also colloquially known as SoCal, is the southern portion of the U.S. state of California. Centered on the cities of Los Angeles and San Diego, Southern California is home to nearly 24 million people and is the nation's second most populated region, . Sempra Energy spokeswoman Denise King said the lawsuit, like the other similar ones filed against the company, is without merit. ``It overlooks critical facts and relies on false speculation,'' King said. ``Southern California Gas Co. has always been looking out for the best interest of its customers and proactively seeking ways to lower costs and ensure the availability of natural gas.'' According to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. the county's suit, the purpose of the conspiracy was to restrict output, cause supply shortfalls and allow the natural gas industry's most powerful Southern California players to preserve and maintain the market dominance Market dominance is a measure of the strength of a brand, product, service, or firm, relative to competitive offerings. There is often a geographic element to the competitive landscape. that they enjoyed for many years under regulation. As a result, they illegally reaped unprecedented profits at the expense of Southern California consumers, the suit said. ``Their unlawful collusion caused astronomical increases in the price of both natural gas and electricity,'' the suit said. ``As a result, these companies have reaped profit windfalls from California customers, among them the county of Los Angeles, who have had to and will have to pay hundreds of millions of dollars of additional costs to meet their natural gas and electric needs.'' |
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