A PYMNTS Company

Canada: California’s electricity crisis has British Columbia giant on defensive

By  |  February 22, 2013

A massive legal case concerning money made by British Columbia more than 10 years ago at the expense of California’s energy crisis has BC and an electricity giant on the defensive. A US Federal Energy Regulatory Commission judge ruled earlier this month that the state of California could potentially collect $1.6 billion from power companies – including BC Hydro’s subsidiary Powerex – as a result of energy price hikes between 2000 and 2001. Energy costs jumped up to 900 percent at the time, leading to price-fixing allegations and specifically accusing companies of selling BC Hydro’s energy when prices were high, then selling energy to Canada when prices dropped, according to the court ruling. British Columbia’s Energy Minister Rich Coleman has denied any wrongdoing and said BC will continue to fight the allegations. Powerex says it expects another five years of court fighting in a case that has already lasted 12.

    Get the Full Story

    Complete the form to unlock this article and enjoy unlimited free access to all PYMNTS content — no additional logins required.

    yesSubscribe to our daily newsletter, PYMNTS Today.

    By completing this form, you agree to receive marketing communications from PYMNTS and to the sharing of your information with our sponsor, if applicable, in accordance with our Privacy Policy and Terms and Conditions.

     

    We’d love to be your preferred source for news.

    Please add us to your preferred sources list so our news, data and interviews show up in your feed. Thanks!

    Add as Preferred Source

    Full Content: The Providence

    Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.