JPMorgan Probe Shows FERC Priority Policing Energy
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The U.S. Federal Energy Regulatory Commission’s probe of JPMorgan Chase & Co. demonstrates a renewed focus on market manipulation as the agency beefs up its oversight of the multibillion dollar energy-trading business.
The FERC on July 2 sued New York-based JPMorgan to release e-mails, revealing an investigation of possible gaming of power markets in California and the Midwest. Since January 2011 the agency has announced 11 probes of alleged manipulation in electricity and natural gas markets and a record $245 million settlement with Constellation Energy Group Inc.