Regions

JPM Fails Challenge to California Cost Recovery Plan

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June 6
7:21 AM 2013

JPMorgan Chase & Co. (JPM) failed its challenge to a cost-recovery plan required by a grid operator in California before the Federal Energy Regulatory Commission (FERC).

According to an order released yesterday, the FERC conditionally approved the California Independent System Operator's plan. The said plan allows generators to cover some of its costs when delivering power in accordance with the order released by the agency.

JP Morgan Ventures Energy Corp., a JPMorgan energy trading unit stated in the filing that the grid operator had violated the orders from FERC. This was done when they resettled past costs to recover payments without the approval of the federal agency.

The Federal Energy Regulatory Commission (FERC) ordered the grid operator to file reports showing comprehensive calculations of said resettlement payments.

Spokesman for the New York based JPMorgan Chase & Co. declined to give any comment with said reports. The FERC's order was reported by Sacramento Bee yesterday.

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