Wyden Statement on $453 million FERC fine for Manipulation of Western Power Markets

July 16, 2013

Washington, D.C. – Senate Energy and Natural Resources Chairman Ron Wyden issued the following statement on a record fine levied by Federal Energy Regulatory Commission against Barclays for manipulating West Coast electricity markets. Barclays was ordered to pay $453 million in civil penalties and to return $34.9 million, plus interest, in “unjust profits” to energy assistance programs in Arizona, California, Oregon, and Washington. Oregon would receive about $3.1 million, plus interest, of the unjust profits, according to FERC.

“The Federal Energy Regulatory Commission sent a strong message to traders and banks today that manipulating energy markets comes at a steep cost,” Wyden said. “Consumers have the right to heat and power their homes without fear that traders are stacking the deck against them to rack up unjust profits.”

FERC’s news release on the order is here: https://www.ferc.gov/media/news-releases/2013/2013-3/07-16-13.asp#.UeXNym2OmPU