NEW YORK, July 3 (Reuters) - U.S. energy regulators have subpoenaed JPMorgan Chase & Co twice in the past three months as part of an investigation into whether the bank manipulated power markets in California and the Midwest.
The Federal Energy Regulatory Commission (FERC) on Monday filed a petition in U.S. federal court to require JPMorgan to produce emails from 2010 and 2011 as part of a formal probe into JPMorgan power market bidding practices in those areas.
FERC is also looking at whether JPMorgan failed in its duty to make truthful and non-misleading communications to the Commission and regional energy market operators.
Insight on banks in the commodity markets: The investigation comes as FERC's Office of Enforcement has stepped up its efforts to quash manipulation in the U.S. energy markets.
In March, FERC hit Constellation Energy with a record $135 million civil penalty and forced the company to return $110 million to settle charges of alleged power market manipulation
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