Maxim Power Slapped With $5M Fine For Market Manipulation
Law360, New York (May 04, 2015, 12:58 PM ET) — The Federal Energy Regulatory Commission slapped a Canadian energy provider with a $5 million fine Friday, chastising Maxim Power Corp. for charging New England’s wholesale power market the high prices needed to burn oil while the company was really burning cheaper natural gas.
Friday’s judgment echoes the findings in a FERC staff report that Maxim overcharged the ISO-New England Inc., or ISO-NE, in excess of $135,000 per day for a little over a month by reporting that it was burning expensive fuel oil out of the company’s Pittsfield, Massachusetts, plant. All the while, Maxim was actually burning cheaper natural gas, according to the report.
