09-20-2017  11:57 pm      •     
essay contest
  • 1
  • 2
  • 3
  • 4

NEWS BRIEFS

Tim Burgess Inaugurated as 55th Mayor of Seattle

Burgess, a former radio journalist, served as Seattle City Councilmember from 2008 to 2017 ...

Mobile Mammography Van Comes to Health Fair, Oct. 7

Onsite mammograms, music, food, health information, and fun ...

Humboldt Sewer Repair Project Update: September 15, 2017

Environmental Services continues a project to repair more than 3 miles of public sewer pipes ...

NAACP Portland Branch Invites Community to Monthly General Membership Meeting

Meeting takes place from noon to 2 p.m. Sept. 23 ...

Portland to Launch Online Platform to Ease Rental Applications

One App Oregon will reduce barriers to accessing affordable housing for the city's renters ...

U.S. & WORLD NEWS

OPINION

Jeff Trades an Unknown Known for a Known Known

Jeff Tryens reflects on life in Central Oregon ...

We Must Have A New Poor People's Campaign and Moral Revival

Bishop William J. Barber II pens an exclusive op-ed about the need for a New Poor People's Campaign and Moral Revival. ...

Rebuilding the Gulf Coast, Preparing for the Next Harvey

Bill Fletcher talks about impact of Hurricane Harvey on poor workers on the the Gulf Coast. ...

It’s Time for Congress to Pass a Hurricane Harvey Emergency Funding Package

Congressional Black Caucus Members talk about recovery efforts in the aftermath of Hurricane Harvey ...

AFRICAN AMERICANS IN THE NEWS

ENTERTAINMENT

Maureen Farrell CNN Money

NEW YORK (CNNMoney) -- JPMorgan Chase will pay $410 million to settle charges it manipulated electricity markets in California and the Midwest.

The bank's energy unit, JP Morgan Venture Energy Corporation, was accused of raising electricity rates in these markets between September 2010 and November 2012 through "manipulative bidding strategies," according to the Federal Energy Regulatory Commission.

JPMorgan will pay $124 million to California residents who overpaid for electricity. Ratepayers in the Midwest will receive $1 million. The rest of the fine will be paid to the U.S. Treasury.

JPMorgan said it was pleased to have settled the matter.

The bank neither admitted nor denied the violations, but said it would work with outside counsel to review its policies and practices in the power business.

The FERC alleged that the bank's bidding strategies in the power markets led to JPMorgan getting "tens of millions of dollars at rates far above market prices."

The strategies allegedly worked like this: In California, for example, the bank would bid to deliver electricity to a utility the next day at a low price of $30 per megawatt hour. When the next day came, JPMorgan would change its offer to a much higher price of $999 per megawatt hour, assuring the power did not get bought, according to the notice.

California ISO, the state's power-grid operator, would then have to compensate the bank for the cost of making the bid, under California's "make whole provision," which requires ratepayers to cover certain costs incurred by energy sellers.

JPMorgan allegedly employed a similar strategy in the Midwest.

FERC also recently fined British bank Barclays and Deutsche Bank for other improprieties involving the sale of power.

-- CNNMoney's Melanie Hicken contributed to this report.

 

Oregon Lottery PM Home (2)
Artists Rep An Octoroon
Calendar

Photo Gallery

Photos and slide shows of local events

The Skanner Photo Archives