FOLSOM, Calif. -- 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.
What You Should Know About Comments on Sacbee.com
Sacbee.com is happy to provide a forum for reader interaction, discussion, feedback and reaction to our stories. However, we reserve the right to delete inappropriate comments or ban users who can't play nice. (See our full terms of service here.)
Here are some rules of the road:
â¢ Keep your comments civil. Don't insult one another or the subjects of our articles. If you think a comment violates our guidelines click the "Report Abuse" link to notify the moderators. Responding to the comment will only encourage bad behavior.
â¢ Don't use profanities, vulgarities or hate speech. This is a general interest news site. Sometimes, there are children present. Don't say anything in a way you wouldn't want your own child to hear.
â¢ Do not attack other users; focus your comments on issues, not individuals.
â¢ Stay on topic. Only post comments relevant to the article at hand.
â¢ Do not copy and paste outside material into the comment box.
â¢ Don't repeat the same comment over and over. We heard you the first time.
â¢ Do not use the commenting system for advertising. That's spam and it isn't allowed.
â¢ Don't use all capital letters. That's akin to yelling and not appreciated by the audience.
â¢ Don't flag other users' comments just because you don't agree with their point of view. Please only flag comments that violate these guidelines.
You should also know that The Sacramento Bee does not screen comments before they are posted. You are more likely to see inappropriate comments before our staff does, so we ask that you click the "Report Abuse" link to submit those comments for moderator review. You also may notify us via email at email@example.com. Note the headline on which the comment is made and tell us the profile name of the user who made the comment. Remember, comment moderation is subjective. You may find some material objectionable that we won't and vice versa.
If you submit a comment, the user name of your account will appear along with it. Users cannot remove their own comments once they have submitted them.