Galt Power Inc. (Galt) Assessed a $1,500,000 Civil Penalty and a Disgorgement of $327,297
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.
Associated Files:
About Certrec:
Certrec is a leading provider of regulatory compliance solutions for the energy industry with the mission of helping ensure a stable, reliable, bulk electric supply. Since 1988, Certrec’s SaaS applications and consulting expertise have helped hundreds of power-generating facilities manage their regulatory compliance and reduce their risks.
Certrec’s engineers and business teams bring a cumulative 1,500 years of working experience in regulatory areas of compliance, engineering, and operations, including nuclear, fossil, solar, wind facilities, and other Registered Entities generation and transmission.
Certrec has helped more than 200 generating facilities establish and maintain NERC Compliance Programs. We manage the entire NERC compliance program for 80+ registered entities in the US, Canada, and Mexico that trust us to decrease their regulatory and reputational risk. Certrec is ISO/IEC 27001:2013 certified and has successfully completed annual SOC 2 Type 2 examinations.
For press and media inquiries, please contact marketing@certrec.com.
Share
