US watchdog says JPMorgan unit may have broken power market rules

(Reuters) – U.S. power market regulators challenged a unit of JPMorgan Chase & Co on Thursday to show that it did not violate federal regulations by submitting misleading information and omitting facts in dealings with the regulator and California’s electricity grid operator.

The U.S. Federal Energy Regulatory Commission (FERC) on Thursday said the bank may have violated regulations under the Federal Power Act by failing to comply with a data request in a timely manner, among other allegations.

Further to that, the unit, J.P. Morgan Ventures Energy Corp, is ordered by FERC to show why “its authorization to sell electric energy, capacity and ancillary services at market-based rates should not be suspended.”

The bank has 21 days to respond to the show-cause order.

Read on.

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