IESO and MAG Energy Solutions Inc. Reach a Voluntary Payment Agreement
January 20, 2022
The IESO has agreed to enter into a settlement with MAG Energy Solutions Inc. (“MAGES”) regarding certain trading activities on the New York-Ontario, Manitoba-Ontario, Michigan-Ontario, Minnesota-Ontario and Quebec-Ontario interties during the period from June 2006 to July 2020.
As a result of an investigation, the IESO issued a notice of non-compliance pursuant to Chapter 3 of the Market Rules notifying MAGES that, among other things, the IESO had determined that MAGES failed to schedule certain intertie transactions contrary to Chapter 7, section 7.5.8A of the Market Rules. Without acknowledging or admitting any breach or violation of the Market Rules, MAGES has agreed to voluntarily pay to the IESO the amount of $1.274 million to resolve this matter. More details can be found on the IESO’s website.