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Calif. energy-market manipulation prompts $2.5 million fine

utsandiego.com -- Federal energy regulators have reached $2.5 million settlement against operators of a power plant in Arizona for manipulating electricity markets in California.

In addition to the fine, Gila River Power, a subsidiary of Tampa, Fla.-based Entegra Power, also will return unjust profits of $911,553 plus interest to California utility customers, the Federal Energy Regulatory Commission announced Monday.

A decade after the gaming of California electricity markets led to rolling blackouts and criminal investigations, the state's main grid operator and federal regulators are again pursuing allegations of manipulation.

Last week, authorities in Washington handed down a six-month suspension against an energy trading subsidiary of investment bank JP Morgan Chase for submitting false inform

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Submitted Nov 20, 2012 By: teafortwo

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bston Champion Author Oklahoma City Posts:1,800 Points:638,275 Joined:Mar 2011	Message Posted: Nov 20, 2012 11:09:34 PM Ignore bston Report Abuse They're very strict on the left coast folks!
NHLiveFree Champion Author New Hampshire Posts:11,066 Points:1,618,325 Joined:Jun 2008	Message Posted: Nov 20, 2012 10:12:23 PM Ignore NHLiveFree Report Abuse Wow what a senseless comment bumble...!!!!!! Try reading the news article one more time with the keyword being "again". A decade ago is when this sort of electricity market manipulation in CA was first brought to light. Now a J.P. Morgan, as in Chase, unit is also being fined and also suspended from trading in the power markets. Barclays is a also under investigation and may end up with record fines and an even longer suspension for its market manipulation schemes. Enron alumnae are alive and, unfortunately, well and spreading their scams in all energy and financial markets now. Time to call in Terminex on these rats!
PDQBlues Champion Author San Diego Posts:7,054 Points:1,444,325 Joined:Jan 2009	Message Posted: Nov 20, 2012 2:16:49 PM Ignore PDQBlues Report Abuse Even with a $2.5 Mil fine, they probably still made money from the fake gas shortage.
nsdp Champion Author San Antonio Posts:1,117 Points:47,190 Joined:Jun 2012	Message Posted: Nov 20, 2012 12:24:28 PM Ignore nsdp Report Abuse The Enron mess was cleaned up 6 years ago by the indictment of 53 traders, Dynergy, Enron and others. This is new in the last couple of years. JPMorgan and two other wall street banks/hedge funds were the first caught this time.
clpassenubye Champion Author Los Angeles Posts:3,359 Points:750,755 Joined:Mar 2011	Message Posted: Nov 20, 2012 12:11:29 PM Ignore clpassenubye Report Abuse That fine seems a little low especially since it affected CA into the billions of dollars.
oilfreak All-Star Author Houston Posts:682 Points:36,560 Joined:Oct 2012	Message Posted: Nov 20, 2012 9:28:48 AM Ignore oilfreak Report Abuse oh wow
gas_too_high Champion Author Columbus Posts:11,521 Points:1,929,440 Joined:Aug 2005	Message Posted: Nov 20, 2012 9:08:22 AM Ignore gas_too_high Report Abuse That must be from the brownouts of 2001. And those are only now wrapping up? Enron was implicated in manipulation, as I recall. Enron of course, went bankrupt and was liquidated in late 2001-2002. GTH
WonderfulMI Champion Author Michigan Posts:11,628 Points:1,782,950 Joined:Jun 2008	Message Posted: Nov 20, 2012 8:16:47 AM Ignore WonderfulMI Report Abuse Republicans promote this kind of behavior.
investmentdr Champion Author Cleveland Posts:4,008 Points:1,451,050 Joined:Sep 2008	Message Posted: Nov 20, 2012 7:36:20 AM Ignore investmentdr Report Abuse maybe possible in non-competitive markets like electricity generation; not so in the ultracompetitive oil/gas markets
WalRus49 Champion Author Boston Posts:4,055 Points:864,865 Joined:Nov 2010	Message Posted: Nov 20, 2012 6:52:44 AM Ignore WalRus49 Report Abuse More organized mayhem and pillage..............................
AVKZ All-Star Author Kalamazoo Posts:831 Points:291,000 Joined:Apr 2012	Message Posted: Nov 20, 2012 6:16:23 AM Ignore AVKZ Report Abuse Good!
mabrams184 Champion Author Lexington Posts:2,085 Points:530,055 Joined:Aug 2011	Message Posted: Nov 20, 2012 5:30:19 AM Ignore mabrams184 Report Abuse Greedy people will always try to take just a little more than they should.
el_fr Champion Author Massachusetts Posts:3,317 Points:740,700 Joined:Apr 2011	Message Posted: Nov 20, 2012 5:27:31 AM Ignore el_fr Report Abuse Took em long enough
MImusicman Champion Author Michigan Posts:1,853 Points:403,675 Joined:Mar 2012	Message Posted: Nov 20, 2012 4:56:43 AM Ignore MImusicman Report Abuse Ok
humblepie Champion Author Toledo Posts:34,065 Points:2,367,370 Joined:Mar 2006	Message Posted: Nov 20, 2012 4:54:21 AM Ignore humblepie Report Abuse wow that only took a decade ???????????????
OHMS Champion Author Orange County Posts:13,696 Points:1,687,875 Joined:May 2005	Message Posted: Nov 20, 2012 4:38:37 AM Ignore OHMS Report Abuse don't deal with JP Morgan Chase
jrs4125 Champion Author Indiana Posts:2,738 Points:587,745 Joined:Sep 2011	Message Posted: Nov 20, 2012 4:02:23 AM Ignore jrs4125 Report Abuse Didn't enron do the same thing? Needs to be larger penalties and JAIL time for gouging consumers.
zoomer20 Sophomore Author Indiana Posts:231 Points:261,150 Joined:Apr 2012	Message Posted: Nov 20, 2012 3:31:28 AM Ignore zoomer20 Report Abuse Ripoffs! Throw them in jail.
dh0770 Champion Author Colorado Posts:6,978 Points:671,485 Joined:Jun 2011	Message Posted: Nov 20, 2012 2:42:37 AM Ignore dh0770 Report Abuse Small fish - just to make it look like regulators aren't in collusion!
RonElp All-Star Author El Paso Posts:763 Points:109,620 Joined:Aug 2012	Message Posted: Nov 20, 2012 2:07:28 AM Ignore RonElp Report Abuse They should take the fines from the salaries of the executives... not from the company. Fining the company just results in higher prices for the consumer... Fining the Corporate executives would have a bigger impact on the future operation of the company. Let the CEO's kids eat beans and not gat anything for Christmas. Then they would think LONG and HARD before trying stuff like this. This should be the way we fine ALL companies. The BP fines should have come directly from the salaries of the executives.
gaswatchON Veteran Author Ontario Posts:463 Points:118,405 Joined:May 2012	Message Posted: Nov 20, 2012 2:04:25 AM Ignore gaswatchON Report Abuse How come none of these guys go to jail?????????
Buickdriver7 All-Star Author Ontario Posts:967 Points:726,710 Joined:Jan 2011	Message Posted: Nov 20, 2012 12:49:00 AM Ignore Buickdriver7 Report Abuse Quote: "...federal regulators are again pursuing allegations of manipulation." When will they take the same approach against oil speculators and Oil companies re: artificially high gasoline prices and record high profits despite the recession-plagued economy??
Ready Eddie Champion Author Twin Cities Posts:5,756 Points:1,339,745 Joined:Feb 2003	Message Posted: Nov 20, 2012 12:38:49 AM Ignore Ready Eddie Report Abuse Lead by example. We have torn down values to the point everyone is a crook.
SkooterG Champion Author Phoenix Posts:1,359 Points:327,085 Joined:May 2012	Message Posted: Nov 20, 2012 12:38:09 AM Ignore SkooterG Report Abuse Ha ha! Indians still trying to get back at the white man!
Ahking Champion Author Orange County Posts:3,492 Points:600,445 Joined:May 2011	Message Posted: Nov 20, 2012 12:32:22 AM Ignore Ahking Report Abuse Make the penalty match the crime - the more people it affects, the higher the penalty.
cheapertvs Champion Author Richmond Posts:10,263 Points:2,737,720 Joined:Jan 2004	Message Posted: Nov 20, 2012 12:31:23 AM Ignore cheapertvs Report Abuse Jail 'em and throw away the key.....
OldMan322 Champion Author Illinois Posts:5,135 Points:1,590,740 Joined:Jul 2008	Message Posted: Nov 20, 2012 12:28:37 AM Ignore OldMan322 Report Abuse For ever one they catch, ten get away
Topless2012 Champion Author Twin Cities Posts:2,412 Points:477,065 Joined:Jan 2012	Message Posted: Nov 20, 2012 12:26:30 AM Ignore Topless2012 Report Abuse Sometimes you get caught. Sometimes you don't.
Retowered Champion Author Colorado Posts:8,557 Points:2,681,415 Joined:May 2004	Message Posted: Nov 20, 2012 12:25:33 AM Ignore Retowered Report Abuse Is this gas related??
speedys Champion Author Utah Posts:6,995 Points:2,554,845 Joined:Nov 2005	Message Posted: Nov 20, 2012 12:24:27 AM Ignore speedys Report Abuse Can you believe someone did that? LOL
abacus44 Champion Author Toms River Posts:3,460 Points:744,490 Joined:Jan 2011	Message Posted: Nov 20, 2012 12:23:21 AM Ignore abacus44 Report Abuse OK
HoBuddy2012 Sophomore Author Toronto Posts:161 Points:153,550 Joined:Oct 2012	Message Posted: Nov 20, 2012 12:17:36 AM Ignore HoBuddy2012 Report Abuse Ha...
DrivingFool2 Champion Author Appleton Posts:8,567 Points:1,601,865 Joined:Apr 2005	Message Posted: Nov 20, 2012 12:10:24 AM Ignore DrivingFool2 Report Abuse Same management team from Enron
spud5559 Veteran Author Yakima Posts:287 Points:85,465 Joined:Jul 2012	Message Posted: Nov 20, 2012 12:05:43 AM Ignore spud5559 Report Abuse sock it to them
wally52 Champion Author Little Rock Posts:27,403 Points:810,510 Joined:Jan 2011	Message Posted: Nov 20, 2012 12:04:39 AM Ignore wally52 Report Abuse pa79th this must be for the EVs.
pa79th Champion Author Pennsylvania Posts:1,762 Points:1,212,850 Joined:Jun 2007	Message Posted: Nov 19, 2012 11:58:39 PM Ignore pa79th Report Abuse That's nice, but what does this have to do with the price of gasoline?
charladan All-Star Author Virginia Posts:564 Points:446,265 Joined:Jun 2011	Message Posted: Nov 19, 2012 11:56:27 PM Ignore charladan Report Abuse I think the state utilities were willing accomplices too.
kd5kpd Champion Author Texas Posts:3,716 Points:1,412,725 Joined:Apr 2006	Message Posted: Nov 19, 2012 11:53:32 PM Ignore kd5kpd Report Abuse Fine sounds to cheap to me should be 10x more!
badharley Champion Author Tampa Posts:1,010 Points:737,285 Joined:Jul 2010	Message Posted: Nov 19, 2012 11:52:57 PM Ignore badharley Report Abuse Crooks?
ED6 Champion Author Riverside Posts:9,463 Points:1,847,130 Joined:Jul 2007	Message Posted: Nov 19, 2012 11:51:39 PM Ignore ED6 Report Abuse Good.
jimgraham Champion Author Akron Posts:10,348 Points:1,975,430 Joined:Oct 2007	Message Posted: Nov 19, 2012 11:49:36 PM Ignore jimgraham Report Abuse So the people driving EV cars will also get a refund???
rosyLI Champion Author Long Island Posts:5,615 Points:1,064,605 Joined:Apr 2010	Message Posted: Nov 19, 2012 11:49:02 PM Ignore rosyLI Report Abuse Nobody manipulates like the government.
RENEGADEGAS Champion Author Missouri Posts:14,888 Points:1,587,225 Joined:Jul 2008	Message Posted: Nov 19, 2012 11:46:57 PM Ignore RENEGADEGAS Report Abuse So how much is gas and oil?
lunarrv15 Champion Author Cincinnati Posts:14,839 Points:2,381,310 Joined:Dec 2005	Message Posted: Nov 19, 2012 11:45:25 PM Ignore lunarrv15 Report Abuse okay...interesting thanks for posting
Happytalk Champion Author Pennsylvania Posts:2,115 Points:573,865 Joined:May 2010	Message Posted: Nov 19, 2012 11:45:25 PM Ignore Happytalk Report Abuse get them to pay more
UseLessGasFolks Champion Author Iowa Posts:5,426 Points:1,291,850 Joined:Jul 2007	Message Posted: Nov 19, 2012 11:44:19 PM Ignore UseLessGasFolks Report Abuse Goons.
shari128 All-Star Author Iowa Posts:573 Points:856,990 Joined:Jun 2010	Message Posted: Nov 19, 2012 11:44:05 PM Ignore shari128 Report Abuse As usually the middle & lower class are paying the price.
JohnofGB Champion Author Flint Posts:5,401 Points:1,092,195 Joined:Feb 2010	Message Posted: Nov 19, 2012 11:42:54 PM Ignore JohnofGB Report Abuse Obviously , someone did not get the word about Enron and what happened to them when they manipulated electricity to California.
krobp46 Champion Author Milwaukee Posts:2,689 Points:537,095 Joined:Sep 2011	Message Posted: Nov 19, 2012 11:40:23 PM Ignore krobp46 Report Abuse I wish the gov't would also go after gas stations that gouge
liao Champion Author Montreal Posts:3,427 Points:1,424,235 Joined:Sep 2008	Message Posted: Nov 19, 2012 11:34:23 PM Ignore liao Report Abuse Get caught in the act.