Local geothermal company CalEnergy has dropped its $100 million lawsuit against Southern California Edison following the reaching of an agreement expected to resolve a dispute over back payments Edison owes.
The agreement, between Edison and most of its renewable energy providers, would allow CalEnergy to be paid the money Edison owes it as early as February or March.
The payment would total 100 percent of what Edison owes CalEnergy, plus interest.
Vince Signorotti, land manager for CalEnergy, confirmed the agreement was approved Friday and CalEnergy has dropped its lawsuit.
In a press release, Edison officials said they are committed to paying the money the company owes to the renewable energy providers.
"We appreciate the large number of (renewable energy providers) who have supported our effort to deal fairly and equitably with all creditors and not single out any group for preferential payments," stated Stephen E. Frank, Edison president and chief executive officer.