WASHINGTON Nov 29 Barclays Bank PLC
said on Thursday it was prepared to fight a proposed $470
million fine for alleged manipulation of the electricity market.
The Federal Energy Regulatory Commission proposed the record
fine because of a series of emails and instant messages that the
agency alleges shows traders driving up or down physical power
prices in California to make money with their financial swap
The British bank said in a regulatory filing with FERC that
it was reserving the option to fight the proposed fine in U.S.
district court, but left the door open to seek an alternative
Barclays had 30 days after the fine was announced on Oct.
31, to elect whether to contest the charges through FERC's
internal administrative procedures or in court.
The company is still expected to file by Dec. 14 a response
to FERC's "order to show cause," in which it will refute FERC's
allegations. FERC's litigation staff would then have until Jan.
28 to respond.
FERC spokesman Craig Cano said the agency had no comment on
Barclay's filing "as it is a pending procedure."
Barclays had no immediate fresh comment but repeated its
assertions from Oct. 31 that the company believes its trading
"was legitimate and in compliance with applicable law."