JP Morgan deserved “a very severe penalty”, says Ferc chairman

Jon Wellinghoff
Jon Wellinghoff, Ferc

JP Morgan’s temporary suspension from physical power trading is wholly justified given the seriousness of the firm’s failings, argues Jon Wellinghoff, Washington, DC-based chairman of the US Federal Energy Regulatory Commission (Ferc), speaking exclusively with Energy Risk.

On November 14, Ferc issued the suspension order to penalise JP Morgan for submitting false information to the agency in connection with a probe of possible manipulation in the Californian and Midwestern power markets. The su