Seattle City Light and Vancouver, B.C.-based Powerex filed a $2 million settlement agreement with the Federal Energy Regulatory Commission (FERC) today to resolve claims relating to high prices for energy that were charged during the West Coast energy crisis of 2000-01.
To date, City Light has recovered a total of $4.6 million in settlements with 14 power sellers, including Powerex. City Light is continuing to pursue refund claims with eight other sellers. Trial on those claims is currently under way at FERC.
“We will continue to fight hard on behalf of our customer-owners to recover those funds,” General Manager and CEO Jorge Carrasco said. “Every dollar we recover helps to hold down costs for our customers. This is a fair and amicable settlement with Powerex.”
Seattle City Light is the 10th largest public electric utility in the United States. It has some of the lowest cost customer rates of any urban utility, providing reliable, renewable and environmentally responsible power to nearly 1 million Seattle area residents. City Light has been greenhouse gas neutral since 2005, the first electric utility in the nation to achieve that distinction.