Xcel Energy and E-Prime Energy agreed to pay $ 2.5 million as part of a settlement of a class-action lawsuit in a price-fixing scheme between several utility companies.
E-Prime Energy Marketing Inc. in Colorado from January 1, 2000 to October 31, 2002. Or settlement benefits to customers and companies who purchased natural gas from Excel Energy Inc.
The power of Xcel And e-prime energy utility companies provide electricity and gas to customers across the country. Customers pay for these services based on the use and prices of natural gas in their area.
According to a class action lawsuit against several power companies, Xcel and E-Prime Energy have worked with other businesses to artificially raise the price of natural gas. The illegal deal has allowed companies to charge higher prices for natural gas across the board without having to compete with each other through competitive rates.
Defendants supported the scheme through false advertising posted in trade publications and wash trades – a kind of market manipulation that mimicked real business activity.
As a result of these measures, consumers in Colorado have paid more for natural gas services than they have in the competitive market.
In addition to naming excel energy and e-prime energy marketing, most of the companies that have been targeted by the class action lawsuit claiming to have worked with CenterPoint Energy Services, Shell Energy, Reliant Energy, Williams Energy, ONOK Energy and a price-fixing project.
This massive class action lawsuit was first filed in 2006 – 15 years ago. Since then, some of the defendants have agreed to partial settlements in Wisconsin, Missouri and Kansas. Now, E-Prime Energy Marketing and Excel Energy have agreed to resolve the Colorado claims Settle a $ 2.5 million lawsuit. Further settlements with other defendants or in other states may be reached in the future.
Under the terms of the settlement, members of the class may collect a portion of the settlement funds. Payments vary based on a number of factors, including how many members of the class choose to participate in the settlement. Each class member receives a proportionate share of the settlement fund based on the volume of natural gas paid to the defendants.
The deadline for exclusion and objection was May 11, 2021.
The final approval hearing for the settlement was held on July 22, 2021.
As these dates pass, members of the class now have options to do nothing – give up their opportunity to collect payment – or to participate in the settlement by filling out a claim form.
The deadline for filing a claim in the Xcel Energy and E-Prime Energy lawsuit is August 18, 2022.