Powerex settles California energy crisis case for $750 million

[Eugene]

Source: Reuters

NEW YORK | Fri Aug 16, 2013 11:57am EDT

(Reuters) - Canada's Powerex has reached a $750 million settlement with California over claims that it had manipulated electricity prices during the 2000-2001 energy crisis, the state said on Friday.

California suffered severe blackouts and sky-high natural gas and electricity prices during the yearlong crisis which, exacerbated by a drought, hit the economy and helped push out the state's governor at the time.

State Attorney General Kamala Harris said in a statement that Powerex, a subsidiary of Canadian utility BC Hydro, exported California electricity to Canada and then sold it back to the state at "exorbitant" prices.

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Read more: http://www.reuters.com/article/2013/08/16/us-utilities-california-crisis-idUSBRE97F0PI20130816

[louis-t]

1. No jail time? These bastards realize this is just

the cost of 'doing business.' They would do it again tomorrow.

[BlueStreak]

5. Catch me if you can

Meanwhile how many other similar schemes have these Enron clones carried out in the 13 years it took to see action on the 2000 case?

[BlueManFan]

2. So What!! I want to know how much they made charging those "exorbitant prices." Otherwise

this fine is just the cost of doing business. And I'm sure they will be writing off the fine anyway.

[itsrobert]

3. How do I get my share?

?

[Mr.Bill]

6. Get in line behing the lawyers.

Your share will be the numbers to the right of the decimal point.

[valerief]

4. Another day, another bullshit settlement. nt

[brett_jv]

7. All part of a conspiracy to replace a (D) Governor with an (R)

Oh, and of course, make Billion$ in the process.

Grey Davis was right all along about the energy 'crisis' as being a BS conspiracy, but he got run out of office over it. He's been vindicated already from past settlements but this just puts teh exclamation mark on it.

The conspiracy was most likely TX-based, as Texas GOPpers are always meddling in CA's politics, trying to get (R)'s into office and/or to benefit them/their state economically.

[tofuandbeer]

8. Yeah, that still ticks me off. I liked Davis. ...and we got an over-actor for a replacement.

Who actually didn't turn out as bad as I'd thought, but the whole ordeal just stunk and some thieves made billions.

[BlueManFan]

11. Ok this is strictly based on your avatar okay....here goes..."Shut the fuck up Donnie."

Texas' idiot ass hat governor would never meddle. He's doing the Lord's work down here in The Savior's bellybutton, the sharp tip of the Jesus Javelin--Texas!!! No offense?

[Spitfire of ATJ]

13. Ahnold's first act was to shut down the effort to sue the power companies.

[Journeyman]

9. And my friend's grocery store remains shuttered, lost to exorbitant power costs . . .

The 2 dozen or so employees have moved on, as has my friend, but the community (rural California) lost a great local resource, as well as all those jobs.

The perpetrators should be dragged into the dusty streets of a stricken Western town and horsewhipped, the flesh cut from their bones and they left to die, rotting in the summer sun.

Ah, but that's just a fantasy, much like the belief that anyone will be convicted and sent to prison for a smidgen of year (what's 5 to 10 years when the payoff was billions? And what's 3/4 billion in fines weighed against untold billions of profit?). Yes, the thought of meaningful fines and long term incarceration seems satisfying and "civilized," but we know that will never happen. So permit me a more gratifying daydream, one where the imagined punishment fits the inexcusable crime.

After all, it's only make believe. Much like the concept of justice and punishment for the wealthy and connected.

[MisterP]

10. "deregulation means no blackouts" "it's because you're not building enough dirty plants"

these talking points don't have to convince: they just have to work just long enough to sack the state and move on

[Spitfire of ATJ]

12. What about ENRON????

Oh yeah,...it went broke, closed up shop and the CEO Ken Lay was found guilty but was allowed to go on vacation where he supposedly died and his body cremated and the ashes buried in secret somewhere in the mountains.

Keeping in mind that he was buddy buddy with George W. Bush.

A lot of people figure his death was faked and he's actually sipping exotic cocktails on some island.