ECOtality (ECTY) Files Lawsuit to Halt Implementation of Agreement Between California and NRG Energy (NRG)
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ECOtality, Inc. (NASDAQ: ECTY) filed legal documents with the state’s First District Court of Appeal seeking to halt implementation of an agreement between the California Public Utilities Commission (PUC) and New Jersey-based company NRG Energy, Inc. (NYSE: NRG)
The company alleges that the agreement, which was intended to settle NRG’s role in overcharging California energy ratepayers $940 million during the 2000-2001 energy crisis, instead rewards NRG by requiring only that the company spend $102.5 million on its own EVCS business. Secondly, the company alleges the PUC intervened outside of its authority in the private marketplace by endorsing one of multiple competitors, and indeed the most powerful, thereby handing the company a monopoly over the nascent market in California.
The company alleges that the agreement, which was intended to settle NRG’s role in overcharging California energy ratepayers $940 million during the 2000-2001 energy crisis, instead rewards NRG by requiring only that the company spend $102.5 million on its own EVCS business. Secondly, the company alleges the PUC intervened outside of its authority in the private marketplace by endorsing one of multiple competitors, and indeed the most powerful, thereby handing the company a monopoly over the nascent market in California.
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