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California

Duke Energy Agrees to Settle Dispute

June 11, 2002|From Bloomberg News

RENO — Duke Energy Corp. will supply electricity and natural gas to Sierra Pacific Resources Corp. for the next three months, and Sierra Pacific will drop complaints with U.S. regulators against Duke over power contracts in 2001.

Terms weren't disclosed. The three months cover the peak-demand period for power use.

Sierra Pacific complained to regulators that Duke overcharged for power last year. Duke will supply natural gas and as much as 1,000 megawatts of electricity an hour to Reno-based Sierra Pacific from June 15 to Sept. 15, the companies said in a statement.

Sierra Pacific said last month it might be forced to file for bankruptcy protection after Nevada regulators barred one of its utilities from collecting $437 million in power costs accrued last year. The company filed suit to collect those costs and has been negotiating with suppliers, such as Charlotte, N.C.-based Duke, to continue receiving electricity.

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