Wyden Statement on $410 million FERC Settlement with JP Morgan

July 30, 2013

Washington, D.C. – Senate Energy and Natural Resources Committee Chairman Ron Wyden, D-Ore, issued the following statement on the $410 million settlement between the Federal Energy Regulatory Commission and JP Morgan Ventures Energy Corp., over manipulation of electricity markets in California and the Midwest:

“With this historic settlement, the Federal Energy Regulatory Commission has put the interests of families and consumers first, by holding accountable traders and banks that manipulated power prices for short-term profits,” Wyden said. “FERC’s recent enforcement actions to punish illegal manipulation of the power system are exactly what Congress intended when it passed the Energy Policy Act of 2005 and I urge the commission to continue to aggressively police energy markets.”

FERC’s news release on the settlement is available here.