Dennis McCoy | Sacramento Business Journal
The Federal Energy Regulatory Commission on Tuesday ordered Barclays Bank PLC and four of its traders to pay a fine of $453 million for manipulating California electricity prices.
The Federal Energy Regulatory Commission on Tuesday ordered Barclays Bank PLC and four of its traders to pay a fine of $453 million for manipulating California electricity prices.
The price manipulation occurred in California and other Western states between November 2006 and December 2008.
The federal agency also ordered Barclays to disgorge $34.9 million ? plus interest ? in ill-gotten gains related to the Low-Income Home Energy Assistance Programs of Arizona, California, Oregon and Washington.
The penalties were first proposed last year. The agency has ordered the penalties be paid to the Treasury within 30 days. Barclays also has 30 days to distribute the ill-gotten profits. Of those unjust profits, 63 percent go to California, 19 percent going to Arizona and 9 percent each go to Oregon and Washington.
The agency found that the Barclays traders demonstrated coordinated and intentional efforts in a manipulative scheme, which is a violation of the Federal Power Act and FERC?s rules.
Mark Anderson covers technology, banking and finance, medtech and biotech, venture capital, energy, mining, hotels, restaurants and tourism for the Sacramento Business Journal.
Source: http://feedproxy.google.com/~r/vertical_13/~3/L9TNUeCgcSc/barclays-bank-fined-453m-for.html
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