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BC Hydro officials say they plan to appeal a U.S. court ruling that has ordered them to pay $265 million.
A California judge has ruled Hydro’s Powerex subsidiary manipulated markets during the state’s energy crisis in 2000.
In a statement, Powerex chief legal officer John Irving says: "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."
A lawyer representing the California Public Utilities Commission says the latest win is a long way from the end of the road.
“It was a really significant experience for California – very traumatic to have both power failure and blackouts at the same time, as we were experiencing these excessively high prices – the highest prices ever recorded for energy.”
Frank Lindh says there are two other cases like this one, also involving Powerex, worth billions of dollars, which will go to court later this year.