Gexa Energy

Houston, TX: (Aug-22-07) The Federal Energy Regulatory Commission (FERC) brought charges against Gexa Energy, an electric retailer based in Houston, alleging that it failed to file the appropriate paperwork related to its acquisition by Florida Power & Light. Florida Power & Light acquired Gexa in June 2005, but FERC officials state that at that time, Gexa did not file for merger authorization with regulators and didn't reveal that it was essentially a utility, because it sold a small amount of power into regulated markets in New England. In a settlement reached, Gexa Energy has been fined $500,000 by the Federal Energy Regulatory for violating federal norms. As per the terms of the settlement, which also gives the go-ahead for the completion of the merger, Gexa will also part with nearly $12,500 in profit with interest. [HOUSTON CHRONICLE: ACQUISITION PAPERWORK]

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Published on Aug-23-07