Complaints coming from the California Independent System Operation (CAISO) and the Midwest Independent TransmissionOperator (MISO) sparked an investigation into how JPMorgan was potentially gaming the system to its own benefit.
In some cases, the transmissionoperator is not the same entity that builds or maintains the infrastructure, so investing in transmission was a murky proposition because it was unclear how an investor might earn a return on investment.
In the 11-state Midwest Independent Transmission System Operator grid, coal-plant utilization has fallen to 45 to 55 percent from 70 to 80 percent in 2010-11, according to RBN, a Houston-based energy market-research firm.