UPDATE 1-ETP agrees to settlement in nat gas case-FERC
WASHINGTON, Sept 21 (Reuters) - The Federal Energy Regulatory Commission said on Monday that Energy Transfer Partners (ETP.N) agreed to pay $30 million to settle its natural gas manipulation case.
The agency said ETP agreed to settle allegations that it manipulated physical wholesale natural gas prices at the Houston Ship Channel on specific dates from 2003 through 2005.
FERC said the agreement was the highest of any settlement related to an enforcement action since U.S. Congress gave FERC enhanced enforcement authority under the Energy Policy Act of 2005.
"This case demonstrates FERC's commitment to the vigorous enforcement of the statutory authority provided by Congress to investigate, punish and deter manipulation of the energy markets," said Norman Bay, Director of FERC's Office of Enforcement.
ETP will pay a $5 million civil penalty and set up a $25 million fund to pay alleged unjust profits to entities that file claims. (Reporting by Russell Blinch; Editing by Walter Bagley)
