El Paso Corp. has formalized an agreement with officials in California, Washington, Oregon and Nevada to resolve the principal litigation and claims following the western power crisis two years ago. The formal settlement, announced on Thursday, was proposed in March (see NGI, March 24). On Friday, the participants took the final procedural step as well, which was required to ensure the settlement is completed.
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El Paso Formalizes Western Settlement Agreements
El Paso Corp. has formalized an agreement with officials in California, Washington, Oregon and Nevada to resolve the principal litigation and claims following the western power crisis two years ago. The formal settlement, announced on Thursday, was proposed in March (see Daily GPI, March 25). California’s attorney general’s office, which hammered out the largest chunk of the deal, and the state’s governor immediately claimed victory and a $1.45 billion benefit in natural gas and electricity relief to retail utility customers in their state.
June 30, 2003
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