Bloomberg Businessweek

Zapped by a Bad Bet on Electricity

Ex-JPMorgan traders made a big wager—and power customers are dealing with their losses

Two energy traders, veterans of JPMorgan Chase & Co., saw an opening. Starting in 2015, Andrew Kittell and John Bartholomew plunked down millions of dollars in bets in an obscure corner of the energy market. Their strategy depended on certain parts of America’s largest electric grid being congested, driving up power prices. But the wagers fizzled. Their portfolio, valued by some at more than $150 million, soon cratered.

After failing this June to pay up for losing positions, their

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