FERC Dangles $78M Settlement Loot As NY Mulls Grid Upgrade

Law360, New York (April 4, 2012, 5:01 PM EDT) -- The head of the Federal Energy Regulatory Commission said Wednesday his agency could help cash-strapped New York power up a $2 billion energy infrastructure reboot, conditionally offering $78 million from a manipulative trading settlement paid by Constellation Energy Commodities Group Inc.

FERC Chairman Jon Wellinghoff dangled the cash at a summit set up by New York Gov. Andrew Cuomo and attended by hundreds of public and private industry interests.

"The state can apply for the money, as long as it goes to benefit electric ratepayers," Wellinghoff...
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