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About Ellen F. Rosenblum
Attorney General Hardy Myers today announced final settlement terms with Reliant Energy Inc., a Houston-based energy company. The $445 million settlement is the sixth agreement resulting from investigations by the Attorneys General of Oregon, California and Washington into the 2000 - 2001 Western energy crisis. Oregon will receive $3.5 million under the agreement.
The settlement resolves claims of market manipulation originating from the unprecedented increases in the price of wholesale power during the summer, fall and spring of 2000 and 2001. The allegations against Reliant Energy focused on the manipulation of the wholesale energy market during the aforementioned time period.
"Oregon consumers continue to suffer ill-effects due to the collapse of the west coast energy market," Myers said. "Each of these settlements brings us a step closer to ending this ugly chapter in Oregon history."
The agreement, which must be approved by the Federal Energy Regulatory Commission (FERC) and the California Public Utility Commission, requires Reliant to make payment to Oregon within ten business days of approval.
The Attorney General has previously settled with The Williams Companies, Duke Energy, Portland General Electric, Enron and El Paso Corp. involving claims of market manipulation by those energy companies during the 2000-2001 energy crisis. Total proceeds from these settlements exceed $50 million.
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