Friday, August 31, 2012

Another electricity trader being investigated - Sacramento Bee

Another electricity trader has apparently figured out a way to exploit vulnerabilities in California's $8 billion-a-year electricity market.

The Folsom-based California Independent System Operator, which runs the state's power grid and oversees last-minute electricity sales, says the company may have gotten more than $10 million in excessive gains since April.

The agency hasn't identified the company, saying only that it is a small, supplemental "sub-market" that becomes active when supplies are tight.

The Sacramento Bee (sacb.ee/NGo2Yc) says Cal-ISO has blocked the company from continuing the behavior.

The Federal Energy Regulatory Commission has been asked to investigate.

It was disclosed last month that authorities were investigating a subsidiary of the New York investment bank JPMorgan Chase & Co. for apparently grabbing an extra $73 million while trading in California.

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