Federal Contractor Misconduct Database (FCMD)
Manipulation of Western Electricity Market (FERC Settlement)
The Federal Energy Regulatory Commission (FERC) accused BP Energy Company of manipulating electricity prices in western U.S. markets. A FERC investigation found three occasions in 2000 when a BP Energy trader attempted to manipulate electricity prices at Palo Verde, an important trading hub. BP Energy acknowledged that this trader’s actions were “inappropriate, disappointing, and embarrassing for the company.” As part of the settlement, BP Energy, which did not admit to any wrongdoing, agreed to contribute $3,000,000 to fund tow-income home energy assistance programs for customers in California and Arizona.
- Misconduct Type
- Enforcement Agency
- Contracting Party
- Court Type
- Date of Consent Agreement