Regulator of the energy markets in the US has imposed a fine of $487.9 million on Barclays Plc and four former traders for manipulating the energy markets.

The U. S. Federal Energy Regulatory Commission said slapped the combined $487.9 million in fines and penalties following an investigation into the matter. The regulator said in its order that the company and the traders must pay $453 million in civil penalties to the U. S. Treasury within 30 days. The British bank will also be required to surrender $34.9 million in profits that will be used by programs that help low-income homeowners pay energy bills in California, Arizona, Oregon and Washington.

U. S. Senator Ron Wyden, an Oregon Democrat and chairman of the Energy Committee said, "Consumers have the right to heat and power their homes without fear that traders are stacking the deck against them to rack up unjust profits."

He also said that the fine would send a message that manipulating energy markets would come with steep costs. A Barclays spokesman said that the bank believes that its system was legitimate and in compliance and also indicated that the bank would defend the matter.