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Bloomberg
U.S. energy regulators fined trading firm Etracom LLC $2.4 million for engaging in a scheme to rig the California power market.
Etracom, a trading company formed in 2008, violated anti-manipulation rules in May 2011 when traders artificially drove down power prices at a point on the grid in eastern central California to reap profits, the Federal Energy Regulatory Commission said in an order issued on Friday. The agency also directed Etracom to surrender $315,072 in unjust profits.