Economics
Barclays Fights Price-Fixing Fine in Power-Market Test
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A Barclays logo is seen in the wing mirror of a scooter parked outside a Barclays Plc bank branch in Madrid.
Photographer: Angel Navarrete/BloombergThis article is for subscribers only.
In the southwest corner of Arizona, just east of the California line, sits the Palo Verde nuclear plant, the provider of power to 4 million residents in four separate states.
It’s in this market that a Barclays Plc trader manipulated electricity prices so brazenly in 2006 that he bragged in one message that he’d “totally fukked with the Palo mrkt,” according to federal regulators.