Rep. Waxman Statement on FERC Settlement with JP Morgan

Jul 30, 2013 Issues: Budget & Economy

WASHINGTON, DC— House Energy and Commerce Committee Ranking Member Henry A. Waxman issued the following statement on the $410 million settlement between the Federal Energy Regulatory Commission (FERC) and JP Morgan Ventures Energy Corporation in a case involving manipulation of electricity markets in California and the Midwest from 2010 to 2012:

“JP Morgan’s brazen, Enron-style market manipulation cost California ratepayers over $120 million.  Congress provided FERC with the authority to stop precisely these kinds of fraudulent schemes.  FERC worked with California regulators to protect the integrity of the market and stop the rip-off of ratepayers.”