WASHINGTON, July 29 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.