It’s been a decade since companies like Enron Corp. manipulated California’s electricity market to generate billions in excess profits.
Enron went out of business long ago, and California’s energy market has been a place of relative calm. Now, however, another big power trader is being investigated for allegedly gaming the state’s electricity system.
State officials believe a subsidiary of JPMorgan Chase & Co., the New York investment bank, pulled down an extra $73 million by exploiting a small wrinkle in California’s electricity market over several months in 2010 and 2011.
Officials said they’ve recovered $20 million from the company so far.
Read more here: http://www.sacbee.com/2012/07/30/4672960/electricity-trading-probed.html#storylink=cpy
Folsom agency recovers $20 million from JP Morgan Chase subsidiary on rigging electricity markets. Read more: http://on.news10.net/Mufm7L