American Efficient, a Durham-based energy efficiency business facing more than $1 billion in federal fines and repayments for allegedly manipulating electricity markets, has filed for bankruptcy protection, court filings show.
The filing comes three months after the Federal Energy Regulatory Commission unanimously ruled that the company withheld key information from and defrauded electric grid operators, including PJM Interconnection. PJM is the regional transmission organization that manages wholesale electricity markets in Washington, D.C., and all or parts of 13 states, including northeastern North Carolina.
FERC fined the company $722 million and ordered it to repay more than $410 million in “unjust profits” to electric grid operators…