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Judge Refuses To Block Edison Settlement
(KFWB) 11.09.01, 11:35a --
A federal judge in Los Angeles has denied a request by a nonprofit group to block the $3.3-billion settlement between power regulators and Southern California Edison, that will lead to a sustained increase to consumer electricity rates for the next two years.
In a written ruling issued this morning, Judge Ronald Lew said The Utility Reform Network will likely not succeed in appealing the settlement, so the judge will not prevent it from going forward in the meantime.
Lew called the settlement "fair, adequate and reasonable to the parties, to the creditors and to the public."
The settlement plan calls for Edison to pay off $3.3 billion of its estimated $6 billion in debt. It will pay off the rest of its debt from already-approved rate hikes to Edison customers that will be sustained for two years.
-- PHO (email@example.com), November 09, 2001