FERC says it will not take action against EnerNOC
LOS ANGELES, March 3
LOS ANGELES, March 3 (Reuters) - Federal energy regulators on Thursday said they would not take any enforcement action against EnerNOC Inc , which is embroiled in a dispute over market rules with grid operator PJM.
EnerNOC last month asked the Federal Energy Regulatory Commission to clarify market rules on compensating big electricity consumers for power reduction after PJM said certain practices were unacceptable.
"We clarify that until further notice this Commission does not intend to institute any enforcement actions against EnerNOC," FERC said in an order on Thursday.
PJM's Feb. 4 statement accusing some companies of "double counting" power reductions by recording them twice sent EnerNOC's shares into a tailspin despite the fact that the grid operator named neither EnerNOC nor any other company in its statement.
PJM operates the power grid and energy market serving 51 million people from New Jersey to Illinois. It accounts for 60 percent of EnerNOC's revenue.
Demand response companies like EnerNOC work with grid operators, utilities and other large energy consumers to reduce energy use during grid emergencies.
EnerNOC has said it was disappointed that PJM issued a public statement on the issue rather than resolving the difference of opinion directly with market participants.
In its order, FERC said it would treat the statement as if it had never been issued. (Reporting by Nichola Groom; Editing by Dhara Ranasinghe)
- More troops deployed in Ferguson to guard against fresh riots |
- Merkel hits diplomatic dead-end with Putin
- Jewish-nation bill frays Israel's delicate social fabric
- Ukraine reports new arrivals of Russian supplies for eastern rebels |
- Gunshots echo as violence returns to Ferguson, protests across U.S.
We are living longer but not creating financial plans to keep pace. Advisers give tips on how to make sure you don’t outlive your money. Video