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FERC staff allege Constellation violated regulations by not providing accurate information to California ISO


From the October 9, 2013 issue of Public Power Daily

Originally published October 9, 2013

By Robert Varela
Editorial Director

The Federal Energy Regulatory Commission enforcement staff has preliminarily determined that Constellation Energy Commodities Group violated the commission's regulations and the California Independent System Operator's tariff by not providing accurate information to the grid operator. In a terse Oct. 4 notice, the commission said the preliminary determination was the result of a non-public, informal investigation. Constellation Energy Commodities Group is the wholesale energy arm of Constellation Energy Group, an Exelon subsidiary.

Constellation Energy Commodities Group in 2012 agreed to pay $245 million to settle FERC charges that it manipulated markets run by PJM, ISO New England and the New York ISO and lied to investigators. The company paid a $135 million civil penalty and disgorged $110 million in unjust profits. Constellation also agreed to additional compliance measures, including: (1) regular monitoring of profit and loss concentrations in virtual transactions and physical schedules of electric energy; and (2) reviewing and documenting the purpose of virtual transactions.

 

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Senior Vice President, Publishing 
Jeanne Wickline LaBella
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Editorial Director
Robert Varela
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Editor, Public Power Daily
Jeannine Anderson
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