BP Reaches $18M Settlement

BP PLC has agreed to pay $18 million to settle claims that it manipulated power markets during the 2000-2001 California energy crisis, federal energy regulators said Friday.

The Federal Energy Regulatory Commission approved a settlement reached in April between BP and PG&E Corp.’s Pacific Gas & Electric Co. utility, Edison International’s Southern California Edison and Sempra Energy’s San Diego Gas & Electric Co.


The settlement also includes several California state agencies. Money is to be paid to an account designated by the state.

Last month, the Supreme Court refused to consider an appeal filed by a group of energy companies after the 9th U.S. Circuit Court of Appeals ruled in 2004 that the FERC failed to use its full authority to order refunds sought by California.

AP