Barclays Faces $453 Million Fine For Rigging US Energy Market

Federal Energy Regulatory Commission upheld a fine of $453 million on Barclays PLC (NYSE:BCS) (LON:BARC) for alleged manipulation of electricity prices. FERC asked Barclays PLC (NYSE:BCS) (LON:BARC) to pay $435 million within 30 days, while the managing director of a power trading team, Scott Connelly, was asked to pay $15 million and three others were required to pay $1 million each, taking the total fine imposed to a record $453 million. FERC Upheld Last Year’s Fine In October 2012, FERC staff first proposed the fines over alleged manipulation of Californian and other Western power markets by Barclays during the last decade. This…