LAWSUITS NEWS & LEGAL INFORMATION
MidAmerican Energy Holdings Co. and El Paso Corp.
Washington, DC: (Jun-21-07) The US Federal Energy Regulatory Commission (FERC) filed lawsuits against MidAmerican Energy Holdings Co. and El Paso Corp., alleging that the energy companies charged unfair prices during the Western energy crisis of 2000 and 2001. In a settlement reached, MidAmerican's PacifiCorp unit agreed to pay $27.9 million to resolve allegations it charged unfair prices during the energy crisis. The settlement was approved by California state officials and utilities.
In the second case, FERC said El Paso Marketing LP will pay $56 million to resolve all of its claims relating to transactions in the West during the energy crisis. The El Paso agreement was sponsored by El Paso and San Diego Gas and Electric Co. and supported by Pacific Gas and Electric Co. In a press release, an El Paso spokesman disagreed with the $ 56 million price tag FERC gave its settlement, and said that the company would only be responsible for paying $38 million to resolve any outstanding claims stemming from the energy crisis. FERC claimed that the two settlements, which it approved during a monthly commission meeting, total about $84 million, although El Paso disputes the effective amount of its pay out. [CNN NEWS: WESTERN ENERGY CRISIS]
Published on Jun-28-07
In the second case, FERC said El Paso Marketing LP will pay $56 million to resolve all of its claims relating to transactions in the West during the energy crisis. The El Paso agreement was sponsored by El Paso and San Diego Gas and Electric Co. and supported by Pacific Gas and Electric Co. In a press release, an El Paso spokesman disagreed with the $ 56 million price tag FERC gave its settlement, and said that the company would only be responsible for paying $38 million to resolve any outstanding claims stemming from the energy crisis. FERC claimed that the two settlements, which it approved during a monthly commission meeting, total about $84 million, although El Paso disputes the effective amount of its pay out. [
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