Date:
Jun 28, 2024Proceeding Type:
FERC Enforcement - Galt PowerDocket:
IN20-5Brief Description:
FERC approves Stipulation and Consent Agreement that resolves OE’s investigation into whether Galt, and as to certain obligations Customized Energy Solutions, violated the FERC’s Anti-Manipulation Rule and the Federal Power Act by repeatedly engaging in prohibited wash trades between the NYISO and ISO-NE markets between Jul 8, 2016 and Apr 23, 2019. Galt agreed to to: (a) pay a civil penalty of $1.5 million; (b) disgorge (with interest) $372,297.85 to the Commonwealth of Massachusetts; and (c) submit two annual compliance monitoring reports, with a third annual compliance monitoring report at OE’s discretion.