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US: Barclays won’t pay electric market manipulation fine without a fight

By  |  July 17, 2013
US: Barclays won’t pay electric market manipulation fine without a fight

In what reports have deemed the Federal Energy Regulatory Commission’s most “ambitious” case concerning energy market manipulation, US authorities are likely facing a legal battle with UK lending giant Barclays over a $453 million fine for manipulating electricity market in the western US. The fine, issued to the bank and four of its traders, set a record in 2012; the FERC claimed the entities manipulated the electricity market within California and other western states within the last 10 years. FERC commissioners upheld the fine last Tuesday. While Barclays confirmed the bank is cooperating with regulators, in a statement the company said it would “vigorously defend” the fine. According to reports, if the case were to go to trial it would be a major test to the FERC since having its powers extended in 2005.

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    Full Content: Reuters

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