SDG&E and Edison settle lawsuit, lowering consumer bills by $400 million

SAN DIEGO - San Diego-based Sempra Energy settled lawsuits arising out of the energy crisis of 2000-01, which will lower the bills of consumers by a combined $400 million, it was announced today.

The announcement was made by Gov. Arnold Schwarzenegger, state Attorney General Jerry Brown and Michael Peevey, president of the California Public Utilities Commission.

State officials said Sempra subsidiaries involved in power generation and trading were engaged in the wholesale energy market when prices spiked to record levels.

Sempra is also the parent company of San Diego Gas & Electric and the So...