Reliant Energy’s Houston Lighting & Power (HL&P) couldbe on the hook for millions depending upon punitive damagesassessed in a case that has hit the utility with $4.2 million inactual damages awarded to three Texas cities. Lawyers for theplaintiffs last week suggested a punitive award in the range of $40million would be appropriate.
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Although dwarfed by the news of the proposed NiSource-Columbiamarriage, LG&E Energy Corp. had some glad tidings of its ownlast week — it signed off on a definitive merger agreement forBritain’s PowerGen plc to acquire the Louisville, KY-baseddiversified energy company in a cash-and-debt transaction valued at$5.4 billion.
Chevron announced it has filed a petition asking the U.S.Supreme Court to hear a $742 million breach-of-contract case firstbrought upon Gulf Oil Co. in 1982 by Cities Service Co., which wasbought by Occidental in 1984. Dawn Soper, a Chevron spokesperson,said it is now up to the court to rule on the petition.