Duke Offers to Take Less for Power Sales

Duke Energy Corp., responding to federal regulators’ accusations of overcharging in California, said it will take less money if given guarantees of payment for the power it has sold. The Federal Energy Regulatory Commission accused Duke earlier this month of overcharging California customers by $17.8 million during power shortages in January and February. Duke says the prices were reasonable, given the high risk that generators won’t be paid, company spokesman Jeremy Dreier said. California’s Independent System Operator, which runs most of the state’s power grid, had accused generators of overcharging by $6.2 billion since May. FERC has ordered Duke and other generators to refund or justify $124 million in January and February sales. Shares of Charlotte, N.C.-based Duke rose $1.53 to $39.41 on the NYSE.