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Public Citizen Protest of new IIF owner Anne M. Cleary

By Tyson Slocum

J.P. Morgan Chase & Co created a lightly-regulated, off-the-books series of private equity shell companies known as Infrastructure Investments Fund (IIF). IIF owns a fleet of fossil fuel power plants across the United States, as well as a franchised electric utility monopoly, El Paso Electric. JP Morgan installed three “owners” of IIF that actually aren’t owners, but rather serve as a board of directors that, in turn, delegate the day-to-day management of IIF to JP Morgan. IIF applied for permission at FERC to install a new owner, Anne M. Cleary. Our protest challenges a number of issues, and reminds FERC that Ms. Cleary was President of power company Mirant California during the west coast deregulation crisis of 2000-01. Ms. Cleary’s company was forced to pay $1.3 billion in refunds and penalties for its role in engaging in market manipulation and other illegal conduct. Read our filing here: IIFCleary