Energy settlement should provide immediate and long-term relief to New York electric customers

As part of a recent $245 million settlement of its investigation of alleged manipulation of the New York Independent System Operator (NYISO) electricity markets by Constellation Energy Commodities Group Inc., the Federal Energy Regulatory Commission (FERC) has set aside a $78 million fund for the benefit of electricity customers in New York State.

Unfortunately, the NYSIO continues to operate without any real oversight by the governor or the state legislature.   

Under the terms of the settlement and a ruling of a FERC Administrative Law Judge, New York State agencies, including the Public Service Commission, have the opportunity to submit applications to FERC for these funds by April 30, 2012.

The presiding judge will consider the proposals and rule on the requests for the allocation of funds.

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