FERC to suspend JP Morgan power market based rate authority

Wed Nov 14, 2012 7:38pm EST

Nov 14 (Reuters) - The U.S. Federal Energy Regulatory Commission (FERC) on Wednesday suspended the electric market-based rate authority of JPMorgan Chase & Co's energy trading units for submitting false information to the commission.

In a release, FERC said the suspension prohibits the U.S. bank's JP Morgan Ventures unit from selling power at market-based rates for six months effective April 1, 2013.