U.S. power regulator says JP Morgan manipulated market
WASHINGTON, July 29
WASHINGTON, July 29 (Reuters) - The Federal Energy Regulatory Commission, the overseer of the U.S. electricity market, said on Monday that it has found cases where an affiliate of JP Morgan manipulated the market.
FERC staff "has preliminarily determined that JP Morgan Ventures Energy Corporation (JPMVEC) violated the Commission's Prohibition of Electric Energy Market Manipulation ... by engaging in eight manipulative bidding strategies," the regulator said in a statement.
JP Morgan and FERC are in reported settlement talks over the alleged market manipulation that the regulator said took place in 2010 and 2011 when it says traders wrongly booked overpayments for electric power.