Alberta makes deal with some firms in lawsuit over money-losing power deals
EDMONTON — Alberta has taken steps toward resolving a $2-billion lawsuit it launched against power providers over money-losing electricity contracts.
Deputy Premier Sarah Hoffman says Capital Power will pay the province $39 million and in return will be allowed to give back to the province a money-losing contract to purchase electricity.
“We’ve hit a big milestone,” Hoffman told reporters Thursday.
“By working together we are preventing Albertans from bearing the full cost of business losses through our electricity market.”