Business Services Industry
California High Court Backs Utility Deal.
Knight Ridder/Tribune Business News, August, 2003
By Claire Cooper, The Sacramento Bee, Calif. Knight Ridder/Tribune Business News
Aug. 22--SAN FRANCISCO--The California Supreme Court on Thursday upheld a state commission's power to bail out a utility and shift onto ratepayers $3 billion in costs for the 2000-01 energy crisis.
Led by Justice Kathryn Mickle Werdegar, the court unanimously upheld a settlement between the Public Utilities Commission and Southern California Edison, the state's second-largest utility.
The deal maintained inflated electric rates authorized during the crisis. Although the rates have dropped, consumer advocates contended they should have fallen earlier and more sharply under a never-repealed rate freeze.
The court, however, said a reduction in...
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