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Powerex | Energy in BC & beyond

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Vaughn Palmer: $750-million surrender on energy-trading infractions triggers political spin cycle

Vaughn Palmer, Vancouver Sun, August 27 2013

VICTORIA — When a U.S. regulator ruled earlier this year that B.C. was guilty of hundreds of infractions in selling electricity to California, the government was quick to discount the finding as a temporary setback.

Powerex pay out doesn't add up

 Keith Baldrey, Vancouver Courier, August 22 2013

And that’s what the B.C. Liberal government did last week with a bolt from the blue announcement that it was ending its decade-long fight with the state of California and electrical utilities there over whether B.C. Hydro acted legally when it sold power to the state in 2000 and 2001.

California attorney general announces $750M refund from Canadian utility Powerex

Dale Kasler, Sacramento Bee, Friday, Aug. 16, 2013

In the biggest refund yet from the California energy crisis, a government-owned Canadian utility today agreed to a $750 million settlement with state officials and the state's largest utilities.

Attorney General Kamala D. Harris Announces $750 Million Settlement Stemming from California Energy Crisis

Press Release, Kamala Harris, California Attorney General, August 16 2013

SAN FRANCISCO -- Attorney General Kamala D. Harris today announced a $750 million settlement with Powerex over claims arising from the 2000-2001 California energy crisis. The vast majority of the settlement money will go to ratepayers of California’s largest utilities.

BC Hydro's Powerex agrees to settlement in California claims

Tiffany Crawford & Derrick Penner, Vancouver Sun,  August 16, 2013

VANCOUVER - Powerex, the electricity trading subsidiary of BC Hydro, has reached a $750 million out of court settlement related to an electricity dispute with California that began more than a decade ago.

B.C. vows to continue fight over costly U.S. ruling on power sales to California

Canadian Press, Times Colonist, Feb 22 2013

VICTORIA - The massive, energy windfall British Columbia pocketed more than a decade ago at the expense of power-starved Californians has sparked an ongoing high-voltage legal case that currently has an arm of Crown-owned BC Hydro potentially owing hundreds of millions of dollars.

B.C. defends Powerex in California price-fixing complaint

CBC News, Feb 21, 2013

B.C. taxpayers could end up refunding Californians millions in electricity sales

The B.C. government and official opposition are defending a BC Hydro subsidiary that is accused of manipulating energy prices during the California energy crisis more than 12 years ago.

BC Hydro subsidiary battles U.S. poacher

SCOTT SIMPSON, Vancouver Sun, February 22, 2010

Powerex has lost 10 energy trading staffers to financial giant Morgan Stanley

Efforts by a Wall Street financial giant to poach employees and business from a lucrative government-owned energy trading operation in Vancouver are proving expensive for British Columbia taxpayers.

Powerex strikes green power deal with Pacific Gas & Electric

Scott Simpson, Vancouver Sun, January 25, 2010

VANCOUVER — Powerex has struck a precedent-setting deal to deliver green electricity to a major California utility.

The five-year deal with Pacific Gas & Electric, which has 15 million customers, would see the BC Hydro electricity trading subsidiary annually deliver between 330 and 1,000 gigawatt hours of renewable power to PG&E.

Top Powerex traders jump to U.S. rival

Scott Simpson, Vancouver Sun, January 23, 2010

BC Hydro has lost six veteran electricity traders in an apparent raid by a major U.S. financial institution.

Hydro acknowledged on Friday that six employees of its Powerex trading unit including former head trader Murray Margolis have recently quit.

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