Reuters: Regulatory News: JPMorgan probed on power market manipulation-paper

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JPMorgan probed on power market manipulation-paper Jul 3rd 2012, 13:02 July 3 | Tue Jul 3, 2012 9:02am EDT July 3 (Reuters) - U.S. energy regulators have subpoenaed JPMorgan Chase & Co twice in the past three months as part of an investigation into whether the bank manipulated power markets in California and the Midwest, the Financial Times reported on Tuesday. The Federal Energy Regulatory Commission (FERC) on Monday filed a petition in U.S. federal court to require JPMorgan to produce emails as part of a formal probe into JPMorgan power market bidding practices in those areas, the paper said. JPMorgan buys and sells electricity for its own account and others. The filing marked the first time the agency has revealed a formal probe into JPMorgan bidding practices, the paper said. FERC said the bank may have inflated electricity costs by at least $73 million. The documents also pushed into public view the legal maneuvering between the government and JPMorgan attorneys as the commission seeks 25 emails that the bank argues are privileged, the paper said. Officials at JPMorgan were not immediately available for comment.

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