FERC Orders American Efficient to Pay $1.1 Billion for Alleged Capacity Market Fraud

On April 16, 2026, FERC issued a civil penalty assessment order, directing American Efficient and affiliated companies (together, American Efficient or Company) to pay $1.1 billion in disgorgement and civil penalties for what FERC called “one of the largest and most brazen frauds in the history of the [] Commission.” The Assessment Order was issued following an investigation by FERC’s Office of Enforcement and Regulatory Accounting (Enforcement), and a public Order to Show Cause proceeding in... By: Troutman Pepper Locke