Natural Gas Company To Pay $30M Prices Settlement

COLUMBUS, Ohio (AP) — A Dallas-based energy company has agreed to pay $30 million to settle allegations that it manipulated natural gas prices.

Federal regulators had accused Energy Transfer Partners LP of manipulating the price of natural gas delivered to the Houston Ship Channel from 2003 through 2005. The ship channel is one of the principal gateways for gas destined for markets in Texas, the Midwest and Northeast.

The Federal Energy Regulatory Commission says Energy Transfer Partners will pay a $5 million civil penalty and establish a $25 million fund to settle claims that it profited unfairly during that period.

FERC says it's the largest settlement related to an enforcement action since Congress gave it enhanced enforcement authority under the Energy Policy Act of 2005.

Energy Transfer Partners said it was preparing a statement in response to the announcement by FERC. It has pipeline operations in Arizona, Colorado, Louisiana, New Mexico, and Utah, and owns the largest intrastate pipeline system in Texas along with three storage facilities.