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FERC OKs $500K fine for ISO-NE over alleged violations of capacity rules with Salem Harbor power plant
Ethics matter.
I'm wondering if this opens the door for a class action suit on behalf of the Electricity consumers in New England to recover the $80 million that was spent on fraudulent capacity payments.
This could get interesting.
This is not something you see every day, Executives owning up to corporate failures and paying resulting fines out of their own pockets. I'm betting these expenses will all be covered by senior management's D&O liability insurance.
ISO New England’s senior management takes responsibility for the ISO’s role in this matter. Therefore, the financial penalty outlined in the settlement agreement will be paid through a reduction in executive compensation. ISO New England has learned from this experience, and have taken actions to prevent similar situations in the future.
This provision is not stipulated in the terms of the agreement
FERC OKs $500K fine for ISO-NE over alleged violations of capacity rules with Salem Harbor power plant
ISO New England improperly prevented its market monitor from having access to information about the Footprint Power project, among other violations, according to Federal Energy Regulatory Commission staff.
Source: www.utilitydive.com
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