PG&E; Agrees to Pay Enron $355 Million

PG&E; Corp.’s. Pacific Gas & Electric unit agreed to pay Enron Corp. at least $355 million for electricity and natural gas supplied during California’s 2001 energy crisis, ending a key battle in the Chapter 11 bankruptcies of both companies.

PG&E; also will withdraw its $73-million claim in Enron’s bankruptcy case and ask state regulators to return $22 million to Enron being held in escrow because of a power-purchase dispute between the two companies, according to court documents.

Excluded from the settlement are PG&E;’s claims related to “Enron misconduct in the Western gas or electric markets during the period of the California energy crisis,” according to the documents.