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14 March 2007 -- Southern California Edison (SCE) and other California parties seeking refunds of energy overcharges during the state's 2000-2001 energy crisis have reached a settlement resolving claims against Portland General Electric (PGE) of Portland, Ore.
The settlement addresses specified claims made by SCE, Pacific Gas and Electric, San Diego Gas & Electric, the California Public Utilities Commission (CPUC), the California Electricity Oversight Board, the California Department of Water Resources Electric Power Fund and the California Attorney General.
Under the terms of the settlement, the total value of PGE's refunds will be more than $65 million when $59 million in new refunds and associated interest are added to an earlier $6.1 million payment by PGE. SCE's share is expected to be approximately $15 million.
The settlement is subject to the approval of FERC and would resolve, among other things, PGE's portion of claims by the California parties in the current FERC refund case, any additional refund obligations PGE has for sales into California electricity markets during the summer of 2000, and certain potential civil claims.
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