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Canadian Energy Perspectives

BC Hydro Subsidiary Powerex Settles Energy-Price Dispute with California

Posted in BC Hydro, BC Utilities Commission, Electricity, Power, Powerex
British Columbia

Powerex, BC Hydro’s wholesale energy trading subsidiary, has settled a long-running dispute with Californian utilities regarding claims that Powerex sold power at inflated prices during the 2000-2001 California energy crisis. Including Powerex, 60 electricity trading companies were active in the California power market during the crisis. To date, 47 energy sellers have settled separately with the Californian utilities.

The out-of-court settlement provides that Powerex will pay US$750 million to resolve the dispute: a US$273 million payment to the Californian utilities by Powerex, and a credit of US$477 million for monies owed by the Californian utilities to Powerex for unpaid power … Continue Reading