SAN FRANCISCO, Aug. 15 (UPI) -- Reliant Energy Inc. has settled a dispute with five big California utilities by agreeing to pay them, collectively, $525 million.
The settlement is between Reliant and the California Attorney General's Office, the California Department of Water Resources, the California Public Utilities Commission, Southern California Edison, San Diego Gas & Electric and Pacific Gas & Electric Co., officials said Monday.
The proposed settlement is designed to resolve Reliant's liability for refunds, penalties and civil liabilities arising out of the California energy crisis in 2000-2001.
The proposed settlement is subject to approval by the Federal Energy Regulatory Commission and calls on Reliant to give settling parties $525 million.
PG&E's share totals approximately $230 million, including about $186 million for electric market overcharges and manipulation and $40 million for gas market overcharges and manipulation.
