Pacific Summit Energy has agreed to pay a $360,000 civil penalty to settle a federal investigation into whether the energy marketing and trading company engaged in a fraudulent scheme involving physical natural gas trades at Transcontinental Zone 6 to benefit the company’s related financial positions. Enforcement staff at the US Federal Energy Regulatory Commission found PSE engaged in a “related positions” fraudulent scheme, while PSE neither admitted nor denied the alleged violations, according to FERC’s June 30 order (IN23-9). In setting the penalty level, FERC enforcement staff considered the fact that PSE fully cooperated with the investigation and had a compliance program in place, the commission said in its order. FERC staff also ordered PSE to disgorge $154,623 and submit annual compliance monitoring reports for two years.
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