Proposal may close Duke case (CA energy scam)

[UpInArms]

http://www.sfgate.com/cgi-bin/article.cgi?file=/chronicle/archive/2004/07/14/BUG7H7L0221.DTL&type=business

Sacramento -- Duke Energy would pay California $207.5 million to resolve claims that it overcharged during the state's 2001 energy crisis under a proposed settlement announced Tuesday by Attorney General Bill Lockyer.

The settlement, which still requires approval from the Public Utilities Commission and the Federal Energy Regulatory Commission, would entail $172 million in ratepayer relief, Lockyer said.

"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,'' Lockyer said in a prepared statement.

<snip>

The Duke settlement is the eighth by Lockyer stemming from the energy crisis. Combined, the settlements are valued at more than $2.6 billion, of which $2.1 billion represents relief for ratepayers. The largest settlement involved El Paso Corp. and was valued at $1.7 billion.

...more...

[ronatchig]

1. If Duke got the same

deal in Ca. as NC that means the $207 million figure represents $1.66 billion in revenues from the market.
Duke was found to have illegally overchargeing NC/SC customers for over $220 million and settled for $25 million in pay back.
A sad state of affairs indeed.

[glitch]

2. $9 billion ripoffed and the ratepayers get $2.1 billion back? such a deal

The crooks only keep $7 billion, now that's justice. I'd praise Lockyer but I think Arnie deserves the real kudos.

[AndyTiedye]

3. If We Try to Appeal, the FERC Will Make Us Pay Them

That's what they did last time. The FERC is a subsidiary of Enron.

[AlGore-08.com]

4. And Aanold gets another talking point - - as does Team Smirk

Ah, election year... where things appear to get fixed for a change... :P