NEW YORK – Duke Energy Corp. (DUK) has agreed to pay $207.5 million in cash and credits to settle charges that it tried to manipulate electricity prices during California's energy crisis (search) in 2000-01, the company said on Tuesday.
Charlotte, N.C.-based Duke expects to take a second-quarter pre-tax charge of $104.9 million for the settlement.
The settlement -- which resolves refund proceedings and other litigation related to the western energy markets during the power crisis -- was reached with parties including the states of California, Washington and Oregon, federal regulators, and California's three largest investor-owned utilities.
Those utilities are PG&E Corp.'s (PCG) Pacific Gas and Electric Co., Edison International's (EIX) Southern California Edison, and Sempra Energy's (SRE) San Diego Gas & Electric Co.
As part of the settlement, which covers the period between January 2000 and June 2001, the parties to the deal have agreed to forego all claims relating to refunds or other monetary damages for sales of electricity during the settlement period, as well as claims that Duke received unjust or unreasonable rates for the sale of electricity during that period.
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