Powerex, the electricity-trading wing of BC Hydro, and Seattle City Light, a Seattle-based public utility, filed a $2 million settlement agreement with the Federal Energy Regulatory Commission (FERC) October 10.
The settlement, according to a release from Seattle City Light, "resolve[s] claims relating to high prices for energy that were charged during the west coast energy crisis of 2000-01."
"We will continue to fight hard on behalf of our customer-owners to recover those funds," said Jorge Carrasco, chief executive officer and general manger of Seattle City Light, in the release.
"Every dollar we recover helps to hold down costs for our customers. This is a fair and amicable settlement with Powerex."
This is the second settlement Powerex has reached in relation to the west coast energy crisis. In August, Powerex agreed to a $750 million out-of-court settlement with the State of California and California utilities.
That settlement agreement – which is still awaiting approval from FERC – requires Powerex to pay $273 million to California and forgo the re-payment of $473 million it was owed by California.
According to Powerex, the California settlement will result in a $101 million net loss for the organization in 2013.
