John S.
The "market" was manipulated by the Texas boyz, now they are paying back BILLIONS.
Reliant Energy Inc. said Monday that it would pay $460 million to resolve claims that it withheld power and overcharged for electricity during California's energy crisis in 2000 and 2001, becoming the last major out-of-state power producer to settle disputes from the troubled time. The settlement, which would include limited refunds directly to California consumers, closes outstanding civil cases against the company brought by California, its utilities and private plaintiffs, as well as those brought by Washington state and Oregon. Reliant didn't admit wrongdoing. .... Gov. Arnold Schwarzenegger called the agreement "great news for Kalifornia," adding that he would "continue to fight for justice from companies that took advantage of California residents and businesses during the energy crisis." .... Two larger settlements, with Enron Corp. and Mirant Corp., are not likely to be collected in full because the companies are in Chapter 11 bankruptcy reorganization. The state has reached agreements worth more than $5 billion with 11 energy companies that sold electricity during the power crisis, including smaller settlements with El Paso Corp., Duke Energy Corp., Dynegy Inc. and Williams Cos.
Don't do the crime, if you can't pay the dime--JG
