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Pin to quick picksBarclays Share News (BARC)

Share Price Information for Barclays (BARC)

London Stock Exchange
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Share Price: 202.35
Bid: 202.15
Ask: 202.25
Change: 1.35 (0.67%)
Spread: 0.10 (0.049%)
Open: 202.50
High: 203.40
Low: 199.58
Prev. Close: 201.00
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U.S. FERC imposes $304 mln in fines on energy firms in FY2013

Thu, 21st Nov 2013 17:21

By Scott DiSavino

Nov 21 (Reuters) - U.S. federal energy regulators imposedmore than $304 million in fines against energy companies infiscal 2013 primarily for market manipulation and falsereporting activities.

It was the highest yearly total, according to Reuters data.

The Federal Energy Regulatory Commission (FERC) on Thursdaysaid its enforcement division staff in fiscal 2013 also forcedcompanies to disgorge an additional $141 million in unjustprofits.

FERC officials were not immediately available to confirm thefines imposed were a record, but it was the highest total inReuters data since Congress in 2005 significantly increased thepenalty the commission can impose in the wake of the Californiaenergy crisis of 2000-2001.

FERC's enforcement office has become much more aggressiveover the last few years, especially against market manipulationby banks and others in the power market, imposing more than $1billion in fines since 2007.

FERC said in the report Thursday that its enforcement officefocused on matters involving fraud and market manipulation,violations of reliability standards, anticompetitive conduct andactions that threaten the transparency of regulated markets.

"Enforcement does not intend to change these priorities infiscal year 2014," FERC said.

The commission's fiscal year begins Oct. 1.

In fiscal 2013, FERC said it approved its largest settlementto date with U.S. bank JPMorgan Chase & Co for $410million in combined civil penalties and the disgorgement ofunjust profits for alleged power market manipulation and makingof false statements to regulators.

FERC also said it ordered British bank Barclays Plc to disgorge $34.9 million in unjust profits and pay, withcertain of its traders, more than $450 million in civilpenalties for allegedly manipulating the power market inCalifornia.

Barclays has disputed the penalty, and FERC has sued thebank in federal court in California to recover the monies.

In addition, FERC ordered a unit of UK oil company BP PLC to pay a $28 million civil penalty and disgorge $800,000in unjust profits for allegedly manipulating the natural gasmarket. BP is fighting the fine.

FERC said its enforcement office staff opened 24investigations in fiscal 2013 compared to 16 in fiscal 2012. Ofthe investigations opened in 2013, the commission said 11involve market manipulation or false statements.

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