The Federal Energy Regulatory Commission (FERC) has approved a settlement agreement that will provide Seattle City Light with $2 million to resolve its claims against Vancouver, B.C.-based Powerex related to high prices for electricity that were charged during the West Coast energy crisis of 2000 and 2001.
“This settlement reflects our continuing efforts to resolve claims relating to high prices for energy that were charged during the energy crisis, and to fight hard on behalf of our customer-owners,” General Manager and CEO Jorge Carrasco said. “Every dollar we recover helps hold down the cost for our customers.”
Under the agreement, Powerex is to pay City Light by April 25.
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 has been completed at FERC and a ruling is expected soon.