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November 8, 2009

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Nevadans to be refunded $52 mil.-plus in settlement

Friday, March 21, 2003 | 9:56 a.m.

El Paso Corp. of Houston, the largest owner of U.S. natural-gas pipelines, will reduce fourth-quarter net income by $650 million after settling claims that the company manipulated gas prices during the West's energy crisis.

The $1.69 billion settlement with Western states and companies includes payments this year of $227 million in cash and stock, and another $1.47 billion in cash, stock and customer discounts on gas and electricity over 20 years, El Paso said in a statement. El Paso didn't admit wrongdoing.

Nevada Consumer Advocate Tim Hay said Nevada would recover $52 million to $65 million from the El Paso settlement. He said this "is a good victory for the consumer." This money would be refunded to consumers in Southern Nevada --both commercial and residential.

The overpriced natural gas was used both in homes and businesses and also to generate electricity, he said.

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