Gexa Energy Settles With FERC For $500K

Law360, New York (August 22, 2007, 12:00 AM EDT) -- Gexa Energy LLC on Tuesday agreed to pay a $500,000 civil penalty to the Federal Energy Regulatory Commission, after not filing for merger authorization before its merger with Florida utility company FPL Group Inc.

Gexa also disgorged nearly $12,500 in profits with interest. In return, FERC authorized the indirect transfer of Gexa's jurisdictional assets to FPL Energy, and FPL Energy purchased all the equity of Gexa's parent company.

The dispute started in June 2005, when FPL Energy acquired Gexa, even though Gexa did not file for...
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