| The Financial Times reported yesterday that the Staff of the Federal Energy Regulatory Commission (FECR) was investigating a number of electric power marketing affiliates owned by major banks -- including JP Morgan Chase, Barclays, Deutsche Bank AG, and others, on charges of manipulating electricity prices. Immediately, reporters starting wondering whether this is like Enron's antics back in the early 2000s, which ripped off California consumers and decimated California's flawed electricity markets. I don't think it's the same kind of schemes, but we need more information.
FERC is the federal regulator for electricity markets in the US, with jurisdiction over interstate transmission and the grid operations that include the regional power markets. The information is sketchy now, but the Staff alleges that the banks' power traders were manipulating bids... |
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At itsoureconomy.us
At itsoureconomy.us
