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.

A couple walks along the rough surf during sunset at Oahu's North Shore, December 26, 2013. REUTERS/Kevin Lamarque

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