Nov 20 (Reuters) - U.S. federal energy regulators assessed$29 million in civil penalties and disgorgement of unjustprofits in its latest fiscal year, far short of the record $444million imposed in the previous 12 months.
The Federal Energy Regulatory Commission on Thursday saidits Office of Enforcement opened 17 new investigations in theyear ended on Sept. 30 while closing 15 pending investigationswith no action or settlement.
FERC said Enforcement opened 24 investigations in fiscal2013.
More than half of the new 2014 investigations arose fromreferrals based on conduct observed through the regulator'ssurveillance division or from power grid operator marketmonitors, FERC said.
The enforcement office has become more aggressive over thelast few years, especially against market manipulation by banksand others in the power and gas markets, imposing more than $1billion in fines since 2007.
In its biggest ongoing case, FERC filed a lawsuit againstBarclays Bank Plc in federal court in California inOctober 2013 to affirm its assessment of $435 million againstthe bank, $18 million against four of its traders anddisgorgement of $34.9 million plus interest in unjust profits.
The lawsuit, which is still before the court, is based onEnforcement's allegations of power market manipulation by thebank.
Barclays denies the allegations and is fighting the fine.
Since May, FERC has also been involved in a hearing beforean administrative law judge over Enforcement's allegations thatoil company BP Plc manipulated the gas market. Thecommission wants BP to pay a $28 million fine.
BP denies the allegations and is fighting the proposed fine.The judge is expected to issue a decision on or before Aug. 14.
(Reporting by Scott DiSavino; Editing by Lisa Von Ahn)
Barclays (BARC)
BP (BP.)
