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business1d ago
FERC seeks $1.1 billion from Abram-led Durham energy firms - Business North Carolina
- FERC fines American Efficient $722 million and orders return of $409.8 million to PJM and another operator.
- FERC calls the scheme a naked rent-seeking operation hijacking a regulatory mechanism.
- Ben Abram has ties to Durham energy ventures and his wife is NC Senate member.
- The April 15 FERC order was supported by a commission with mixed Biden and Trump appointees.
- FERC says the credits sold did not reflect actual energy savings, undermining the market.
- American Efficient disputes the ruling and plans to appeal.
- The case centers on energy conservation credits used by PJM and MISO.
- Ben Abram is connected to Durham-based investments through the Abram family.
- The ruling follows years of scrutiny on energy credits markets in PJM and MISO.
- Regulators emphasize civil penalties alongside potential criminal accountability.
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