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Energy Rate Settlement Reached

The California Public Utilities Commission on Jan. 14 announced it had entered into a settlement agreement with Mirant Corp., an Atlanta-based energy company, and its affiliates, which filed for bankruptcy on July 14, 2003.

The settlement, conservatively valued at $519 million to $559 million, resolves claims for overcharges in the Western electric and gas markets during the 2001 energy crisis, including the PUC’s litigation over a long-term contract between Mirant and the California Department of Water Resources.

The agreement, subject to Federal Energy Regulatory Commission and bankruptcy court approval, was approved by other California parties, including San Diego Gas & Electric Co., Pacific Gas and Electric Co. and Southern

California Edison.

, Pat Broderick

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