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California to get $750 million in energy crisis settlement
California to get $750 million in energy crisis settlement

SACRAMENTO — A Canadian power company will pay California electricity ratepayers $750 million to settle allegations that it bought electricity from the state and then sold it back at a huge markup during the energy crisis of 2000 and 2001. The settlement with British Columbia Hydroelectric, owned by the province of British Columbia, is one of the largest of about 50 actions against power traders that emerged from state and federal investigations of the California electricity market, which melted down after passage of a disastrous electricity deregulation law in 1996. To date, the lawsuits have returned $4.2 billion as refunds for overpayments. The California Public Utilities Commission...

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