The Federal Energy Regulatory Commission (FERC) has given El Paso Corp. and parties to its tentative $1.7 billion settlement with California an extra month to file the agreement related to alleged manipulation of the state’s natural gas supplies.
Houston-based El Paso, the biggest US gas pipeline company, in March reached a tentative deal with several California agencies and two of its utilities to settle allegations that it withheld natural gas supplies during the state’s power crisis of 2000-01.
On Friday, FERC granted a request from those parties for an extra 30 days, or until June 4, to file an agreement with the agency. FERC must approve any deal which the parties submit.
However, FERC warned against undue delay in filing the settlement, noting it “is prepared to resolve the issues” and is concerned about lingering uncertainty over the case. The agency did not elaborate.
In a separate order, FERC said it will release all documents in its record on the El Paso case later this month.
