KeySpan To Pay DOJ $12M In Price Inflation Deal

Law360, New York (February 23, 2010, 3:02 PM EST) -- KeySpan Corp., a New York electricity generating company, has agreed to pay the federal government $12 million to settle charges that it kept electricity prices artificially high by using a derivative transaction to take a financial stake in one of its main competitors.

KeySpan entered into a swap agreement with an unnamed financial institution in January 2006 in a bid to avoid lowering its wholesale electricity costs just before two new, large power plants went online, according to a complaint filed Monday in the U.S. District...
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