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LOS ANGELES — In the midst of a state energy crisis, federal regulators on Wednesday asked a court to allow a wholesale price cap opposed by California’s electricity clearinghouse 

In its response to a lawsuit, the Federal Energy Regulatory Commission argued that a cap of $150 per megawatt/hour for wholesale electricity serves the public interest. 

The cap was contained in a Dec. 15 FERC order challenged by the Pasadena-based Power Exchange, which manages the wholesale buying and selling of electricity in California under a 1996 deregulation law. The exchange, which currently operates under a $250 cap, alleged the lower cap would cause “irreparable harm” to its markets. 

The exchange asked the 9th Circuit Court of Appeals to rule by Friday on its request to block the cap and other portions of the order. 

In the FERC response, attorneys Dennis Lane and Beth Pacella said the order was issued following an investigation of complaints levied against the Power Exchange. 

Staying the order would erode FERC protections “against unjust and unreasonable rates in the California electricity markets,” the response said. 

“During the past few months a seller’s market has existed, with the market clearing prices higher than retail rates,” the response said. 

“We are meeting with our attorneys and are in the process of determining where the Power Exchange goes from here,” exchange spokesman Jesus Arredondo said Wednesday. “We disagree with FERC that there will be no harm to consumers or participants in this market if the full force of the order is enacted.”