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May 10, 2013

J.P. Morgan Exits From California Power Market

“J.P. Morgan Chase & Co. is retreating from the California electricity market as regulators crack down on its energy-trading operations and a slew of other business practices.

The California Public Utilities Commission on Thursday approved a sale of electricity rights that J.P. Morgan owned at three Southern California power plants. The price wasn’t disclosed.

The deal means J.P. Morgan, after October, no longer will be able to sell power generated by the plants.

California authorities for months had tried to persuade J.P. Morgan to allow upgrades to power-generating plants. The New York bank held the power to block the upgrades. It inherited the electricity rights with its 2008 purchase of investment bank Bear Stearns Cos.”

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Read full Wall Street Journal article here

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