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Generator To Pay $4 Million, Disgorge $4 Million Under Settlement With FERC
FERC approved a settlement between its Office of Enforcement (Enforcement) and Maxim Power Corp. (Maxim), Maxim Power (USA), Inc., Maxim Power (USA) Holding Company Inc., Pawtucket Power Holding Company, LLC, and Pittsfield Generating Company (Maxim Respondents), to resolve Enforcement Staff’s investigation under Part 1b of the Commission’s regulations, 18 C.F.R. Part 1b (2015), into whether the Maxim Respondents violated section 222 of the Federal Power Act (FPA) and the Commission’s Anti-Manipulation Rule, 18 C.F.R. § 1c and the Commission’s rule concerning communications by entities with market-based rate authority.
The Maxim Respondents neither admit nor deny the alleged violations and agree that Maxim shall make a disgorgement payment of $4 million to ISO-New England and a civil penalty payment of $4 million to the United States Treasury.
FERC's order adopting the settlement states that, on a number of days in July and August 2010, Maxim submitted offers for Pittsfield at fuel oil prices when it actually burned less expensive natural gas, and exchanged a number of communications with ISO-NE’s Internal Market Monitor about its offers.
Enforcement Staff’s investigation of this matter culminated in an Order to Show Cause proceeding, and ultimately in an Order Assessing Civil Penalties, Maxim Power Corp.
The Maxim Respondents did not pay the civil penalties, and the Commission therefore filed a lawsuit in 2015 in the United States District Court for the District of Massachusetts to enforce the Commission’s Order. The adopted settlement agreement resolves the lawsuit.
See prior stories for more details on the allegations resolved by the settlement
FERC Seeks $5 Million Penalty Against Generator, Alleging Manipulation
Court: FERC's Dual Investigatory And Adjudicatory Functions Risk "Inherent Bias"; Says De Novo Review of Generator Penalty Shall Proceed As Ordinary Civil Action
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September 27, 2016
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Copyright 2010-16 EnergyChoiceMatters.com
Reporting by Paul Ring • ring@energychoicematters.com
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