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Calif. energy-market manipulation prompts $2.5 million fine

utsandiego.com -- Federal energy regulators have reached $2.5 million settlement against operators of a power plant in Arizona for manipulating electricity markets in California.

In addition to the fine, Gila River Power, a subsidiary of Tampa, Fla.-based Entegra Power, also will return unjust profits of $911,553 plus interest to California utility customers, the Federal Energy Regulatory Commission announced Monday.

A decade after the gaming of California electricity markets led to rolling blackouts and criminal investigations, the state's main grid operator and federal regulators are again pursuing allegations of manipulation.

Last week, authorities in Washington handed down a six-month suspension against an energy trading subsidiary of investment bank JP Morgan Chase for submitting false inform


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Submitted Nov 20, 2012 By: teafortwo
Category: Daily News Article Discussions > Topics Add to favorite topics  
Author Topic: Calif. energy-market manipulation prompts $2.5 million fine Back to Topics
REPLIES (newest first) Post a Reply
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bston
Champion Author Oklahoma City

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Message Posted: Nov 21, 2012 1:09:34 AM

They're very strict on the left coast folks!
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NHLiveFree
Champion Author New Hampshire

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Message Posted: Nov 21, 2012 12:12:23 AM


Wow what a senseless comment bumble...!!!!!! Try reading the news article one more time with the keyword being "again". A decade ago is when this sort of electricity market manipulation in CA was first brought to light.

Now a J.P. Morgan, as in Chase, unit is also being fined and also suspended from trading in the power markets. Barclays is a also under investigation and may end up with record fines and an even longer suspension for its market manipulation schemes. Enron alumnae are alive and, unfortunately, well and spreading their scams in all energy and financial markets now. Time to call in Terminex on these rats!
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PDQBlues
Champion Author San Diego

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Message Posted: Nov 20, 2012 4:16:49 PM


Even with a $2.5 Mil fine, they probably still made money from the fake gas shortage.
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nsdp
Champion Author San Antonio

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Message Posted: Nov 20, 2012 2:24:28 PM

The Enron mess was cleaned up 6 years ago by the indictment of 53 traders, Dynergy, Enron and others. This is new in the last couple of years. JPMorgan and two other wall street banks/hedge funds were the first caught this time.
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clpassenubye
Champion Author Los Angeles

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Message Posted: Nov 20, 2012 2:11:29 PM

That fine seems a little low especially since it affected CA into the billions of dollars.
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oilfreak
All-Star Author Houston

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Message Posted: Nov 20, 2012 11:28:48 AM

oh wow
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gas_too_high
Champion Author Columbus

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Message Posted: Nov 20, 2012 11:08:22 AM

That must be from the brownouts of 2001. And those are only now wrapping up?

Enron was implicated in manipulation, as I recall. Enron of course, went bankrupt and was liquidated in late 2001-2002.

GTH
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WonderfulMI
Champion Author Michigan

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Message Posted: Nov 20, 2012 10:16:47 AM

Republicans promote this kind of behavior.
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investmentdr
Champion Author Cleveland

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Message Posted: Nov 20, 2012 9:36:20 AM

maybe possible in non-competitive markets like electricity generation; not so in the ultracompetitive oil/gas markets
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WalRus49
Champion Author Boston

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Message Posted: Nov 20, 2012 8:52:44 AM

More organized mayhem and pillage..............................
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AVKZ
Champion Author Kalamazoo

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Message Posted: Nov 20, 2012 8:16:23 AM

Good!
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mabrams184
Champion Author Lexington

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Message Posted: Nov 20, 2012 7:30:19 AM

Greedy people will always try to take just a little more than they should.
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el_fr
Champion Author Massachusetts

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Message Posted: Nov 20, 2012 7:27:31 AM

Took em long enough
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MImusicman
Champion Author Michigan

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Message Posted: Nov 20, 2012 6:56:43 AM

Ok
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humblepie
Champion Author Toledo

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Message Posted: Nov 20, 2012 6:54:21 AM

wow that only took a decade ???????????????
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OHMS
Champion Author Orange County

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Message Posted: Nov 20, 2012 6:38:37 AM

don't deal with
JP Morgan Chase
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jrs4125
Champion Author Indiana

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Message Posted: Nov 20, 2012 6:02:23 AM

Didn't enron do the same thing? Needs to be larger penalties and JAIL time for gouging consumers.
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zoomer20
Veteran Author Indiana

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Message Posted: Nov 20, 2012 5:31:28 AM

Ripoffs! Throw them in jail.
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dh0770
Champion Author Colorado

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Message Posted: Nov 20, 2012 4:42:37 AM

Small fish - just to make it look like regulators aren't in collusion!
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RonElp
All-Star Author El Paso

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Message Posted: Nov 20, 2012 4:07:28 AM

They should take the fines from the salaries of the executives... not from the company. Fining the company just results in higher prices for the consumer... Fining the Corporate executives would have a bigger impact on the future operation of the company. Let the CEO's kids eat beans and not gat anything for Christmas. Then they would think LONG and HARD before trying stuff like this. This should be the way we fine ALL companies. The BP fines should have come directly from the salaries of the executives.
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gaswatchON
All-Star Author Ontario

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Message Posted: Nov 20, 2012 4:04:25 AM

How come none of these guys go to jail?????????
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Buickdriver7
Champion Author Ontario

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Message Posted: Nov 20, 2012 2:49:00 AM

Quote:
"...federal regulators are again pursuing allegations of manipulation."
When will they take the same approach against oil speculators and Oil companies re: artificially high gasoline prices and record high profits despite the recession-plagued economy??
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Ready Eddie
Champion Author Twin Cities

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Message Posted: Nov 20, 2012 2:38:49 AM

Lead by example. We have torn down values to the point everyone is a crook.
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SkooterG
Champion Author Phoenix

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Message Posted: Nov 20, 2012 2:38:09 AM

Ha ha! Indians still trying to get back at the white man!
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Ahking
Champion Author Orange County

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Message Posted: Nov 20, 2012 2:32:22 AM

Make the penalty match the crime - the more people it affects, the higher the penalty.
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cheapertvs
Champion Author Richmond

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Message Posted: Nov 20, 2012 2:31:23 AM

Jail 'em and throw away the key.....
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OldMan322
Champion Author Illinois

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Message Posted: Nov 20, 2012 2:28:37 AM

For ever one they catch, ten get away
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Topless2012
Champion Author Twin Cities

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Message Posted: Nov 20, 2012 2:26:30 AM

Sometimes you get caught. Sometimes you don't.
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Retowered
Champion Author Colorado

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Message Posted: Nov 20, 2012 2:25:33 AM

Is this gas related??
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speedys
Champion Author Utah

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Message Posted: Nov 20, 2012 2:24:27 AM

Can you believe someone did that? LOL
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abacus44
Champion Author Toms River

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Message Posted: Nov 20, 2012 2:23:21 AM

OK
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HoBuddy2012
Sophomore Author Toronto

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Message Posted: Nov 20, 2012 2:17:36 AM

Ha...
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DrivingFool2
Champion Author Appleton

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Message Posted: Nov 20, 2012 2:10:24 AM

Same management team from Enron
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spud5559
Veteran Author Yakima

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Message Posted: Nov 20, 2012 2:05:43 AM

sock it to them
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wally52
Champion Author Little Rock

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Message Posted: Nov 20, 2012 2:04:39 AM

pa79th this must be for the EVs.
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pa79th
Champion Author Pennsylvania

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Message Posted: Nov 20, 2012 1:58:39 AM

That's nice, but what does this have to do with the price of gasoline?
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charladan
Champion Author Virginia

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Message Posted: Nov 20, 2012 1:56:27 AM

I think the state utilities were willing accomplices too.
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kd5kpd
Champion Author Texas

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Message Posted: Nov 20, 2012 1:53:32 AM

Fine sounds to cheap to me should be 10x more!
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badharley
Champion Author Tampa

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Message Posted: Nov 20, 2012 1:52:57 AM

Crooks?
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ED6
Champion Author Riverside

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Message Posted: Nov 20, 2012 1:51:39 AM

Good.
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jimgraham
Champion Author Akron

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Message Posted: Nov 20, 2012 1:49:36 AM

So the people driving EV cars will also get a refund???
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rosyLI
Champion Author Long Island

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Message Posted: Nov 20, 2012 1:49:02 AM

Nobody manipulates like the government.
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RENEGADEGAS
Champion Author Missouri

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Message Posted: Nov 20, 2012 1:46:57 AM

So how much is gas and oil?
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lunarrv15
Champion Author Cincinnati

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Message Posted: Nov 20, 2012 1:45:25 AM

okay...interesting
thanks for posting
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Happytalk
Champion Author Pennsylvania

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Message Posted: Nov 20, 2012 1:45:25 AM

get them to pay more
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UseLessGasFolks
Champion Author Iowa

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Message Posted: Nov 20, 2012 1:44:19 AM


Goons.
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shari128
All-Star Author Iowa

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Message Posted: Nov 20, 2012 1:44:05 AM

As usually the middle & lower class are paying the price.
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JohnofGB
Champion Author Flint

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Message Posted: Nov 20, 2012 1:42:54 AM

Obviously , someone did not get the word about Enron and what happened to them when they manipulated electricity to California.
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krobp46
Champion Author Milwaukee

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Message Posted: Nov 20, 2012 1:40:23 AM

I wish the gov't would also go after gas stations that gouge
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liao
Champion Author Montreal

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Message Posted: Nov 20, 2012 1:34:23 AM

Get caught in the act.
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