Two hours — that's how long it took CalEnergy to finalize a deal to sell power to another utility after a ruling Thursday that the company could suspend its contract with Southern California Edison.
CalEnergy land manager Vince Signorotti said this morning the company will sell power to El Paso Merchant Energy.
EPME will then act as a broker for the energy and sell it to other utilities.
Signorotti said he does not know to whom EPME will sell the power. He said CalEnergy will track the sales.
David Sokol, chief executive officer for CalEnergy's parent company, said Thursday that CalEnergy wants to see its power sold within the state.
Signorotti said as CalEnergy starts to sell its power to EPME, it will return to normal operations.
He added that means it will start to pay its vendors, pay royalty fees to landowners upon whose land the CalEnergy plants operate, and pay the more than $4 million in property taxes owed to Imperial County by April 10.