News Release

Powerex Statement on Recent Administrative Law Judge Decision

Statement from Powerex Chief Legal Officer, John Irving:

“Since the California energy crisis ended in 2001, U.S. regulators have consistently ruled in Powerex’s favour after very thorough hearings and investigations. These rulings clearly reinforce our position that Powerex has always acted lawfully while working hard to ensure Californians received the electricity they needed during their extraordinary energy crisis.

We see this latest decision involving 16 energy sellers including Powerex as another step in a legal process that has been underway for over a decade and may go on for years before we reach resolution. This is an initial decision that has no force or effect. We will file an appeal of this decision to the Federal Energy Regulatory Commission and will continue to participate in the U.S. legal process.

We remain confident that all future proceedings will once again show that Powerex has been and continues to be a reliable energy supplier, acting in accordance with the law. Powerex is a reliable supplier of electricity to our California customers, we value our relationship with them and we are committed to maintaining it.”