Sempra to Pay $410M Settlement

Wednesday, Apr 28, 2010  |  Updated 1:09 PM PDT
View Comments (
)
|
Email
|
Print
Sempra to Pay $410M Settlement

AP/Thomas Kienzle

The Gas Co., a unit of San Diego-based Sempra Energy, serves about 20.3 million customers in Southern California.

advertisement

Sempra Energy says it will pay $410 million to settle federal and state claims that it overcharged California on electricity contracts signed during the state's 2000-2001 energy crisis.

The San Diego company announced Wednesday that's agreed in principal to a cash settlement to end a decade of legal battles but doesn't acknowledge any wrongdoing.

Spokesman Doug Kline says state regulators approved the agreement last week.

Sempra, which owns San Diego Gas & Electric Co. and the Southern California Gas Co., was among several energy companies sued for alleged wrongdoing during the crisis, when energy prices soared and the state suffered rolling blackouts.

In 2006, Sempra agreed to pay $377 million to settle claims that it manipulated natural gas supplies during the crisis to drive up prices.

Get the latest headlines sent to your inbox!
View Comments (
)
|
Email
|
Print
Leave Comments
Follow Us
Sign up to receive news and updates that matter to you.
Send Us Your Story Tips
Check Out