(Continued from page 35)

plants on standby mode to quickly generate energy. That would allow JPMorgan to earn fees for putting the power plants on standby mode.
• Later, the traders would offer to sell electricity from the plants at higher prices in the market for last-minute energy needs, according to FERC.
• Sen. Ron Wyden, D-Ore., chairman of the Senate Energy and Natural Resources Committee, said FERC's actions regarding JPMorgan and Barclays "put the interests of families and consumers first, by holding accountable traders and banks that manipulated power prices for short-term profits."
• "I urge (FERC) to continue to aggressively police energy markets," Wyden said in a statement.
• The alleged conduct was brought to FERC's attention in 2011 by the California Independent System Operator, the agency that runs the state's power grid. The agency's general counsel, Nancy Saracino, called the settlement with JPMorgan "a vindication."
• "The fact that JPMorgan's conduct was detected, stopped and punished illustrates the effectiveness of ongoing market oversight, which is essential for healthy competition," Saracino said in a statement.
• On Friday, JPMorgan said is considering selling off part of its physical commodities business, which includes metals as well as energy. The company said the possibility of new regulations was a factor behind the decision to look at a potential sale or partnership.
• Big Wall Street banks like JPMorgan are facing increased scrutiny of their involvement in businesses that store and transport commodities such as oil and aluminum. A Senate committee held a hearing last week into whether banks should be allowed to control power plants, warehouses and oil refineries.
• FERC, an independent agency that regulates the interstate transmission of electricity, oil and natural gas, gained expanded authority to monitor possible manipulation of energy markets as a result of the Enron scandal in 2001. Market abuses by Enron and other trading firms resulted in rolling blackouts throughout California during the summer of that year. FERC was empowered to impose fines of as much as $1 million per violation per day, compared with the previous limit of $10,000 per violation.
• JPMorgan shares slipped 36 cents to $55.33 in trading Tuesday.
•