VANCOUVER (NEWS1130) – BC Hydro’s export division plans to appeal an American ruling that could cost this province hundreds of millions of dollars.
A US judge has found energy prices in California were manipulated.
This is the latest development in a longstanding complaint by California, which accuses a number of companies of raising prices more than a decade ago when it struggled with power outages.
BC Hydro’s export division Powerex has consistently denied it, and plans to appeal.
“We see this latest decision involving 16 energy sellers including Powerex, as another step in a legal process that has been underway for over a decade and may go on for years before we reach resolution,” says Powerex Chief Legal Officer John Irving.
“This is an initial decision that has no force or effect. We will file an appeal of this decision to the Federal Energy Regulatory Commission and will continue to participate in the U.S. legal process,” he continues.
BC’s Energy Critic John Horgan, whose NDP were in power back then, supports Powerex.
“It’s very rare that (Energy Minister) Rich Coleman and I agree on something, but we both agree that BC Hydro provided energy to California in their hour of need.”
Americans are seeking as much as $1.6 billion in refunds from Powerex and several other companies.
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This is set in stone. BC WILL pay. I hope we have learned to say “no” the next time California calls and they surely will. Free trade, market prices etc, etc ,etc mean nothing to the U.S. unless they benefit from it.
Don’t worry they will hide it with their huge debt they seem to talk quietly about.
Here we go— a big bill to the States– set up by lawyers and government– way to go!!! We no longer have the right, as Canadians, to charge what we want for exported energy!?!?!?!
@ Steve57: Perhaps your pea brain can remember that Enron was controlled by U.S. regulators … not Canadian. Gawd, Canucks are so dimwitted.
I thought the problems started with Enron, and Powerex just happened to be selling at market prices? At that time natural gas and oil was extremely high as well so was that being manipulated as well… Hope they do not expect the 1.6 billion to come from BC. If they deduct that from their future payments to BC Hydro, our electricity bills will go up about 300%. If only the electricity could be sold to Asia instead. The softwood lumber dispute has been ongoing for fifty years, now there is another dispute.
Gosh. U.S. regulators find somebody else to blame, rather than themselves? What a surprise.
Obviously, the energy regulators have decided to follow the lead of investment and banking regulators “down south”. Who can we blame, and where the heck are they? Canada? Great! We won’t lose so many votes that way.
Nothing that comes out of a U.S. court is worth the paper it’s printed on.
Perhaps your pea brain can recall,………..Enron, who PowerX was in bed with,….