California's settlement with NRG for electric car charging network headed to FERC
In March NRG and the State of California announced a deal that both settles a decade-long legal wrangle stemming from the 2000-1 energy crisis, and also makes a bold move to create a huge network of electric car charging stations in California. Today NRG followed up by releasing the actual settlement filed by the CPUC with the Federal Energy Regulatory Commission (FERC) for approval. The details of the proposed EV charging network we published earlier were based on a preliminary document provided by NRG, and today we have available the finalized agreement (published on the CPUC website).
The agreement stems from a period in California, during 2000 and 2001, where some energy companies abused a flawed deregulated electricity market in California, resulting in millions upon millions of dollars in excess electricity costs in California. Among those companies were certain subsidiaries of Dynegy, that were later bought by NRG, who then assumed legal responsibility. According to a statement by CPUC Commissioner Mark Ferron, "Dynegy together with NRG will have returned to the people of California more than $400 million in consideration" to atone for these acts. Of that amount, $300 million "will be paid in the form of cash to offset the electric bills of customers in California" and the remainder, more than $100 million, is the to-be-built charging station network infrastructure.