U.S. energy regulators are accusing JPMorgan Chase of manipulating electricity prices in California in 2010 and 2011.
The Federal Energy Regulatory Commission said Monday in an enforcement notice that the biggest U.S. bank used improper bidding strategies to squeeze excessive payments from the agency that runs California’s power grid.
JPMorgan has reportedly been in negotiations with the regulator to reach a settlement over the allegations. The agency recently levied a $453 million fine on Barclays, Britain’s second-largest bank, for manipulating electricity prices in California and other western states. Barclays is disputing the allegations.