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

Press Release

By: Ron Wyden
By: Ron Wyden
Date: July 16, 2013
Location: Washington, DC
Issues: Legal

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."


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