Bankrupt energy company Enron Corp. has agreed to pay $47.5 million in cash in a settlement that could eventually top $1.5 billion to resolve claims that it gouged California and other western states during the 2000-2001 energy crisis.

The settlement will end market manipulation and price-gouging claims against the once high-flying Houston-based company, California Attorney General Bill Lockyer said Friday. The agreement requires approval by the bankruptcy court and the Federal Energy Regulatory Commission.