Sempra Energy to pay $410 million to settle lawsuits stemming from Calif. energy crisis
By APWednesday, April 28, 2010
Sempra Energy to pay $410m to settle energy suits
SAN DIEGO — Sempra Energy says it will pay $410 million to settle federal and state claims that it overcharged California on electricity contracts signed during the state’s 2000-2001 energy crisis.
The San Diego company announced Wednesday that it has agreed in principal to a cash settlement to end a decade of legal battles.
Spokesman Doug Kline says state regulators approved the agreement last week. The company doesn’t acknowledge any wrongdoing.
Sempra owns San Diego Gas & Electric Co. and the Southern California Gas Co. It was among several energy companies sued for alleged wrongdoing during the crisis, when energy prices soared and the state suffered rolling blackouts.
In 2006, Sempra agreed to pay $377 million to settle claims that it manipulated natural gas supplies during the crisis to drive up prices.
