AEP, FERC Reach Tentative Settlement
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American Electric Power Co. has reached a deal with the Federal Energy Regulatory Commission staff to settle charges that the giant utility violated rules during California’s 2000-01 energy crisis.
AEP will repay the amount it gained from the practices -- $45,240, according to a copy of the agreement. AEP admitted to no guilt by agreeing to repay the amount.
FERC in June found that Columbus, Ohio-based AEP was among the firms that may have used questionable trading strategies, and ordered AEP to “show cause” why it should not repay profits gained from such trades.
The settlement is not effective until it is approved by a FERC judge and finalized by the three-person commission.
FERC’s June show-cause order found that AEP submitted false transmission requests to create false congestion on the California grid.
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