"American Efficient says it was helping incentivize energy savings at major companies. One member of the Federal Energy Regulatory Commission said that the company’s “entire business is a scam.”"
"The Federal Energy Regulatory Commission has fined Durham, N.C.-based American Efficient $722 million and ordered the company to repay more than $410 million in “unjust profits” for alleged fraud in its energy efficiency program.
In an April 15 ruling, FERC claims American Efficient withheld key information from electric grid operators, which allowed the company to manipulate energy markets.
An American Efficient spokesperson said the company “stands by its position that the commission’s allegations are meritless and that it did not commit any wrongdoing.”
FERC must now file a separate action in federal district court and prove its case from scratch in order to collect the funds. A trial would also give the company an opportunity to present evidence before a judge and jury."
