Like a judge involved in a messy divorce, the Federal Energy Regulatory Commission once again stepped into the middle of a dispute between the California grid operator and JP Morgan over money. The commission dismissed the trading arm of the giant investment banker\u2019s complaint that the California Independent System Operator underpaid it $3.7 million between April and June of this year for 18 \u201cexceptional dispatches\u201d made via tolling agreements from 10 plants in Southern California. The complaint is separate from the dispute over the grid operator\u2019s claims that JP Morgan manipulated the agency\u2019s market to unfairly reap $73 million. Federal regulators sided with CAISO on the latter and took away the bank\u2019s trading authority for six months beginning April 2013. A third dispute involving JP Morgan entails the commodity trader\u2019s lack of consent to the installation of the synchronous condensers by AES at the Huntington Beach power units considered crucial for Southern California grid reliability next summer (Current, Nov. 23, 2012). Acting this week, federal regulators rejected JP Morgan\u2019s complaint over the $3.7 million, calling it \u201cpremature.\u201d The commission\u2019s dismissal without prejudice concluded \u201cJP Morgan has not exhausted the settlement dispute review process established in CAISO\u2019s tariff.\u201d The bank wants the grid operator to pay it \u201cthe higher of the bid price, locational marginal price, or default energy bid, plus interest\u201d not the mitigated price, notes FERC. \u201cThere is no basis for overturning the ISO\u2019s settlement dispute process here, especially given that JP Morgan does not even allege\u2026.that this process is unjust and unreasonable,\u201d CAISO told FERC in its response. The grid operator is reviewing JP Morgan\u2019s underpayment claims at issue, along with 115 other similar claims. Because of the large number of disputed dispatches and monetary amounts at issue, CAISO \u201cdesignated these settlement disputes as \u2018complex,\u2019\u201d FERC stated. This matter is being handled in docket EL12-105-000.