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BUSINESS
July 18, 2013 | By Andrew Tangel and Marc Lifsher
NEW YORK - California utility customers could one day split more than $100 million if federal regulators settle with JPMorgan Chase & Co. over allegations that the nation's biggest bank manipulated the state's energy market. JPMorgan has been negotiating a settlement with the Federal Energy Regulatory Commission over its role in trading electricity in California, according to a source familiar with the matter. It was unclear how much of a settlement would wind up going to the U.S. Treasury and how much might be returned to California ratepayers.
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OPINION
March 16, 2014 | By The Times editorial board
Californians may be inured to rolling blackouts that cut off their power for hours at a time, but imagine an outage that darkens the entire country - for more than a year. That nightmare scenario could happen if just a handful of crucial, heavy-duty electrical transformers are taken down, according to a confidential federal report disclosed last week by the Wall Street Journal. Federal regulators and the utilities' trade association were outraged that the report was leaked, but the real outrage is that this vulnerability persists even though policymakers and industry executives have known about it for years.
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BUSINESS
February 6, 2014 | By Evan Halper and Marc Lifsher
Shooters armed with assault rifles and some knowledge of electrical utilities have prompted new worries on the vulnerability of California's vast power grid. A 2013 attack on an electric substation near San Jose that nearly knocked out Silicon Valley's power supply was initially downplayed as vandalism by Pacific Gas & Electric Co., the facility's owner. Gunfire from semiautomatic weapons did extensive damage to 17 transformers that sent grid operators scrambling to avoid a blackout.
NEWS
February 6, 2014 | By Evan Halper and Marc Lifsher
Shooters armed with assault rifles and some knowledge of electrical utilities have prompted new worries on the vulnerability of California's vast power grid. A 2013 attack on an electric substation near San Jose that nearly knocked out Silicon Valley's power supply was initially downplayed as vandalism by Pacific Gas & Electric Co., the facility's owner. Gunfire from semiautomatic weapons did extensive damage to 17 transformers that sent grid operators scrambling to avoid a blackout.
BUSINESS
May 27, 2002
* Friday is the deadline for energy firms to report to the Federal Energy Regulatory Commission on any "round-trip" trading activity they have engaged in since 2000.
NEWS
August 12, 1988 | United Press International
President Reagan announced Thursday that he is appointing Jerry Jay Langdon, a Midland, Tex., oil consultant, as a member of the Federal Energy Regulatory Commission. Langdon, president of Langdon & Associates Petroleum Consultants, would succeed Anthony G. Sousa.
NEWS
June 17, 1987 | United Press International
President Reagan said Tuesday that he intends to nominate Martha O. Hesse, chairman of the Federal Energy Regulatory Commission, for another term at the agency, ending Oct. 20, 1991.
BUSINESS
July 2, 2005 | From Bloomberg News
Joseph Kelliher, an advocate of expanded authority for regulators to police power markets, was named by President Bush to succeed Pat Wood as chairman of the Federal Energy Regulatory Commission. Kelliher, 44, was on Bush's transition team before joining the commission in November 2003.
BUSINESS
October 18, 2003 | From Reuters
Staff at the Federal Energy Regulatory Commission asked an agency judge to accept Portland General Electric's offer to pay $8.5 million to settle allegations that it helped parent company Enron Corp. manipulate electricity markets during the West Coast energy crisis. The proposed settlement would pay $6.1 million to California.
BUSINESS
February 8, 1990 | United Press International
A Questar Corp. subsidary said it has received Federal Energy Regulatory Commission approval to construct a $19.7-million pipeline connecting two natural gas transmission systems. Questar Pipeline Co. said the 81-mile pipeline will begin near a Daggett County, Utah, storage field.
BUSINESS
July 30, 2013 | By Andrew Tangel
NEW YORK -- JPMorgan Chase & Co. has agreed to pay $410 million to settle allegations it manipulated energy markets in California and the Midwest. The Federal Energy Regulatory Commission, which announced the settlement early Tuesday, said the sum included $285 million in civil penalties JPMorgan would pay to the U.S. Treasury. Nearly all of the remainder -- $124 million in unjust profits -- would go toward ratepayers in California's grid operator, the California Independent System Operator, FERC said.
BUSINESS
July 30, 2013 | Michael Hiltzik
If you take our federal and state energy authorities at their word, you just might be convinced that the $410-million penalty dropped Tuesday on JPMorgan Chase for manipulating energy markets in California and the Midwest is a big deal. "A historic fine," declared Commissioner Tony Clark of the Federal Energy Regulatory Commission, which reached the settlement with Morgan. He said it "sends a strong signal. " Over at the California Independent System Operator, the quasi-state agency that was directly victimized by JPMorgan's behavior, the penalty was hailed as "a success story for market monitoring and market oversight," as ISO general counsel Nancy Saracino stated on a conference call with the news media.
BUSINESS
July 18, 2013 | By Andrew Tangel
NEW YORK -- JPMorgan Chase & Co. has been in settlement talks with the Federal Energy Regulatory Commission over allegations that the nation's biggest bank manipulated California's energy market, according to a source familiar with the matter. The New York-based bank has been in negotiations during the last few weeks, and the settlement figure could be around $500 million, said this person, who was not authorized to discuss the matter publicly. The commission has taken an increasingly aggressive stance in cracking down on manipulation of the nation's energy markets.
BUSINESS
November 20, 2012 | Bloomberg News
Federal energy regulators continued their crackdown on manipulation of California's energy market, ordering a Florida firm to pay a fine of $2.5 million and disgorge unjust profits of $911,553 plus interest. On Monday, the Federal Energy Regulatory Commission approved a settlement with Florida energy company Gila River Power, a subsidiary of Entegra Power Group, to pay the fine and penalties. The agreement marked the first time a market participant has admitted to a violation of the federal commission's anti-manipulation rule in an energy trading case, the commission said.
BUSINESS
December 18, 2009 | By Tiffany Hsu
Southern California Edison got the green light Thursday to build the final segments of a nearly $2-billion transmission line that will connect customers with renewable energy produced by windmills. The California Public Utilities Commission approved the construction of the last 173 miles of Edison's 250-mile Tehachapi transmission project in Kern County. The line will be able to transmit as much as 4,500 megawatts of electricity produced from wind, enough power for nearly 3 million homes.
BUSINESS
May 20, 2008 | From Bloomberg News
Federal regulators said Monday that Edison Mission Group's power-generating unit had agreed to pay $9 million to settle allegations that its employees misled federal regulators investigating bidding practices in mid-Atlantic power markets. The Federal Energy Regulatory Commission said the Irvine company, a subsidiary of Edison International in Rosemead, "made a series of representations and produced data and documents" that misled enforcement staff before and during their investigation.
OPINION
November 19, 2002
Re "New Evidence of Fraud in Power Crisis," Nov. 16: What Alice in Wonderland world is the Federal Energy Regulatory Commission inhabiting? It releases tapes proving that AES Corp. and Williams Cos. colluded in defrauding California of billions of dollars in electricity costs, then forbids the state's use of that evidence in claiming restitution. Julie May Los Angeles
BUSINESS
March 8, 2006
* President Bush plans to nominate two industry veterans to fill vacancies on the Federal Energy Regulatory Commission. The White House said the president intended to name Philip D. Moeller of Washington, an executive of Alliant Energy Corp., and Jon Wellinghoff, a partner in Las Vegas-based energy regulatory law firm Beckley Singleton.
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