Dive Summary:
- California Attorney General Kamala Harris announced on Friday that Canadian utility Powerex has agreed to refund $750 million to California ratepayers in overcharges.
- Harris said the British Columbia-based electricity trading subsidiary of BC Hydro "engaged in market gaming" during the 2000-2001 energy crisis.
- Powerex was "purchasing electricity from California, shipping it to Canada, and then selling it back to California at inflated prices," according to the Sacramento Bee.
From the article:
Most of the refund will go to customers of California's largest utilities, under a system to be decided by the Public Utilities Commission. [...]
"Californians suffered through huge rate hikes and blackouts during the energy crisis," Harris said. "This settlement brings long-awaited compensation to California ratepayers for Powerex's conduct."
California has been able to secure billions of dollars in refunds, but is still owed billions more, for damages incurred during the energy crisis.