July 5 (Reuters) - JPMorgan Chase and Co Inc has requested a rehearing of a ruling by the Federal Energy Regulatory Commission (FERC) that it and other power traders benefited from a flaw in the California electricity market. The FERC ruled in June in favor of the California grid operator and said the traders would need to reimburse $52 million in excess profits made from 2009 through 2011. The California Independent System Operator (ISO), which operates the state's power system, changed its market rules in 2011 to cut off the loophole that the grid operator said the bank used to disrupt the power market. JPMORGAN TIMELINE July 2013 - JP Morgan asks for a rehearing of the June order, saying the regulator made "two fundamental errors" and also ignored evidence that directly contradicted some of its own findings. June 2013 - FERC approves California ISO request to force power sellers, including JPMorgan, to reimburse $16.7 million to California electricity distributors for disruptive bidding practices between April 2009 and March 2011. FERC also signed-off on the $35.3 million reimbursement the ISO already forced the sellers to pay in April 2011. The ruling marked a victory for the Californian grid operator, and came as JPMorgan may face more serious charges related to power market manipulation in California and Michigan. May 2013 - JPMorgan reduces presence in California power market, selling the right to market electricity from three power plants. May 2013 - JPMorgan tells shareholders FERC may take action against bank for certain power market bidding activities. May 2013 - An internal FERC document leaked to the New York Times says the regulator may charge JPMorgan with power market manipulation. The document also says JPMorgan's commodities chief, Blythe Masters, may have made "false and misleading statements," to the regulator under oath. April 2013 - JPMorgan six-month ban on selling power at market based rates starts. Jan 2013 - FERC appeals magistrate's November 2012 ruling blocking FERC from seeing JPMorgan emails. Nov 2012 - Federal magistrate rules that JPMorgan does not need to hand over emails FERC sought in July 2012 as part of the regulator's power market manipulation investigation. Nov 2012 - FERC suspends JPMorgan's authority to sell power at market based rates for six months for making factual misrepresentations during an investigation into market manipulation. The ban is to start in April 2013. Sep 2012 - FERC directs JPMorgan to show why regulators should not suspend its authority to sell power at market rates, after it says the bank submitted misleading information to the Commission during the market manipulation investigation. July 2012 - FERC subpoenas JPMorgan in federal court to provide emails as part of its investigation into market manipulation in California and the Midwest. This is when JPMorgan is publicly named as the party that allegedly manipulated the California market. June 2012 - California ISO asks FERC to approve its plan to force power sellers to reimburse money earned from exploitive bidding practices to electricity distributors from April 2009 to March 2011. The ISO had already forced power sellers to reimburse $35.3 million in April 2011 for the period between August 2010 and March 2011. Feb-June 2012 - California ISO imposes a non-public $486,000 penalty against JPMorgan in February for failing to submit all information the grid operator sought as part of its investigation. JPMorgan appeals the penalty in March and FERC in April rejected the bank's appeal. JPMorgan filed a complaint with FERC in May that the fine was unjust, but withdrew its complaint in June after the FERC Office of Enforcement said the bank and its lawyers were not adequately responding to numerous requests for information from the ISO and FERC. May 2011 - FERC approves California ISO's request to fix flaw in the bidding mechanism, effective March 26, 2011. April 2011 - California ISO forces power sellers to reimburse $35.3 million to electricity distributors from trades executed from August 2010 to March 2011 due to effect of exploitive bidding practices. March 2011 - California ISO informs JPMorgan the grid operator reviewed the bank's bidding activities and intends to refer the matter to the FERC Office of Enforcement, which was the start of FERC's non-public investigation. March 2011 - California ISO files with FERC to fix a loophole in the power market bidding mechanism after a party's behavior "aggravated the market impact of the flaw." That party was later identified as JPMorgan. 2005 - FERC authorizes JPMorgan to sell power at market based rates.