U.S. FERC files notice of alleged violations on Constellation
Oct 8 (Reuters) - U.S. federal energy regulators filed a notice of alleged violations against Exelon Corp's Constellation Energy Commodities Group unit for violating market rules between January and March 2010.
The Office of Enforcement at the Federal Energy Regulatory Commission (FERC) said its staff preliminarily determined Constellation also failed to provide accurate information to the California power grid operator.
"The transactions at issue occurred during two months in 2010 and there is no allegation of any manipulative conduct," Constellation said in a statement.
"We are working with the Commission staff to achieve a reasonable resolution of this matter, which we hope will occur quickly," Constellation added.
FERC officials had no comment on the notice of alleged violations.
In recent years, FERC has become more aggressive in pursuing market violations and has issued over $1 billion in fines since the Energy Policy Act of 2005 significantly increased the penalty the commission can impose to $1 million per day per violation from the prior cap of $10,000 a day.
In 2012, FERC imposed one of its biggest fines - $135 million - on Constellation for activities prior to its merger with Exelon and forced the company to disgorge $110 million in unjust gains.
