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JP Morgan: New type of dirty energy
Posted By -NO AUTHOR- On 05/09/2013 @ 1:11 am In Money | No Comments
(OilPrice) As US power plants lose money, a bit of market manipulation goes a long way … ask JPMorgan Chase.
The banking giant is accused of manipulating energy prices in Michigan and California to make money-losing power plants appear more profitable to investors—and now it faces penalties from the Federal Energy Regulatory Commission (FERC), which regulates the sale of electricity.
Detailed in a New York Times report, JPMorgan Chase is accused of selling electricity to authorities in California and Michigan between 2010 and 2011 at prices calculated to appear falsely attractive.
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