Galt Power Inc. (Galt) Assessed a $1,500,000 Civil Penalty and a Disgorgement of $327,297
- August 22, 2024
Summary of NERC Penalties
REGION | WHEN? | ENTITY | COMPLIANCE AREA
| VIOLATION | REASON | PENALTY AMOUNT |
|---|---|---|---|---|---|---|
NYISO & ISO-NE | Quarter 3 - August 2024 | Galt Power Inc. | FERC, NYISO, ISO-NE | Anti-Manipulation Rule, 18 C.F.R. § 1c.2 (2024) & Section 222 of the Federal Power Act | Engaging in prohibited wash trades between NYISO and ISO New England markets between July 8, 2016, and April 23, 2019. | $1,500,000 |
NYISO & ISO-NE | Quarter 3 - August 2024 | Galt Power Inc. | FERC, NYISO, ISO-NE | Anti-Manipulation Rule, 18 C.F.R. § 1c.2 (2024) & Section 222 of the Federal Power Act | Engaging in prohibited wash trades between NYISO and ISO New England markets between July 8, 2016, and April 23, 2019. | $327,297 |
Summary:
Galt Power, Inc., (Galt) violated the Commission’s Anti-Manipulation Rule, 18 C.F.R. § 1c.2 (2024), and section 222 of the Federal Power Act by repeatedly engaging in prohibited wash trades between the New York Independent System Operator and ISO New England, Inc. ,markets between July 8, 2016, and April 23, 2019. Galt stipulates to the fact section set forth in Section II of the Agreement, but neither admits nor denies the alleged violations in Section III of the Agreement. Galt agreed to: (1) pay a $1,500,000 civil penalty; (2) to pay the Commonwealth of Massachusetts disgorgement of $327,297.85; and (3) to submit to compliance monitoring for at least two years.
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