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26 October 2004 - Dynegy Inc. announced Monday that the Federal Energy Regulatory Commission (FERC) has accepted the settlement of numerous contested claims relating to western electric energy market transactions that occurred between January 2000 and June 2001.
The order by the FERC approves a settlement agreement signed on June 28, 2004 by West Coast Power, L.L.C. - a 50-50 joint venture between Dynegy and NRG Energy, Inc. - and Pacific Gas and Electric Company, Southern California Edison, San Diego Gas & Electric Company and various state agencies.
"The FERC's approval puts behind us a significant amount of litigation and allows us to focus on our priorities in California, which include contributing to a reliable electric supply and collaborating with the state to build an energy infrastructure that will provide long-term benefits to all stakeholders," said Bruce A. Williamson, Chairman, President and Chief Executive Officer of Dynegy Inc.
As part of the settlement, West Coast Power will assign all of its receivables - approximately $259 million plus interest - from the California Power Exchange and the California Independent System Operator to the settling parties for ultimate distribution to all market participants. It will also place a total of $22.5 million, which includes a $3 million settlement with the FERC announced on Jan. 20, 2004, from West Coast Power-generated cash into escrow accounts for distribution to various California energy purchasers.
The settlement does not cover civil litigation related to the California energy markets in which Dynegy and West Coast Power are, or may be, defendants, and nor does it cover the pending appeal of a FERC ruling regarding the validity of the current contract between West Coast Power and the California Department of Water Resources.
Dynegy Inc. provides electricity, natural gas and natural gas liquids to customers throughout the United States. Through its energy businesses, the company owns and operates a diverse portfolio of assets, including power plants totalling 11,885 megawatts of net generating capacity and gas processing plants that process approximately 1.8 billion cubic feet of natural gas per day.
The West Coast Power facilities, totalling approximately 2,000 megawatts of natural gas-fired baseload, intermediate and peaking generation, are located in southern California.
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