July 30, 2013 |
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.
July 18, 2013 |
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.
November 20, 2012 |
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.
December 18, 2009 |
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.
May 20, 2008 |
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.
February 22, 2008 |
The Federal Energy Regulatory Commission proposed new rules to improve competition in wholesale power markets amid criticism of rising electricity costs. Average U.S. retail power prices climbed 9.3% to 8.9 cents per kilowatt-hour in 2006, the largest increase since 1981, according to the Energy Information Administration, the statistical arm of the Energy Department.