News & Analysis as of

Federal Energy Regulatory Commission Market Manipulation

K&L Gates LLP

FERC Issues 2023 Enforcement Report

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On 16 November 2023, the Federal Energy Regulatory Commission’s (FERC or Commission) Office of Enforcement (Enforcement) released its 2023 Annual Report on Enforcement (FY2023 Report). The FY2023 Report is the 8th annual...more

Pierce Atwood LLP

FERC Releases Fiscal Year 2023 Annual Enforcement Report

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The Federal Energy Regulatory Commission’s (FERC) Office of Enforcement (OE) recently issued its Fiscal Year 2023 Annual Report on Enforcement. As in previous years, the Enforcement Report discusses the activities performed...more

Morgan Lewis - Power & Pipes

FERC Enforcement ‘Is Back’: FY 2022 Annual Report on Enforcement

On November 17, 2022, the Office of Enforcement (OE) of the Federal Energy Regulatory Commission (FERC or the Commission) released its annual report on enforcement activities (Report). The Report details the FY 2022 efforts...more

Troutman Pepper

FERC Denies Motion to Drop Enforcement Action in GreenHat Proceeding, Sparking Dissent from Commissioner Danly

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On January 5, 2022, FERC denied a motion of the Andrew Kittell Estate (“Kittell Estate”) to drop FERC’s enforcement action against GreenHat Energy, LLC (“GreenHat”) because of an October 1, 2021 revelation that FERC’s...more

Morgan Lewis - Power & Pipes

District Court Ruling Would Impute Liability to Employer in Nearly All FERC Enforcement Matters

A recent district court order highlights the importance of maintaining a strong compliance program with effective compliance controls and practices, while highlighting the risk of employee misconduct for the enterprise...more

K&L Gates LLP

FERC Issues 2021 Enforcement Report

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On 18 November 2021, the Federal Energy Regulatory Commission’s (FERC or Commission) Office of Enforcement (Enforcement) released its 2021 Annual Report on Enforcement (FY2021 Report). The FY2021 Report provides an overview...more

Jones Day

FERC's Latest Market Manipulation Case Shows Renewed Focus on Enforcement

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FERC's recent "order to show cause" against an energy trading firm and its owners for an alleged manipulative energy trading scheme in the nation's largest power market follows Chairman Glick's call for renewed enforcement. ...more

Troutman Pepper

FERC Issues Show Cause Order Directing GreenHat Energy to Respond to Market Manipulation Claims

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On May 20, 2021, FERC issued a Show Cause Order directing GreenHat Energy, LLC (“GreenHat”) and its owners to show why they did not violate the Federal Power Act, FERC’s regulations, the PJM Interconnection, L.L.C. (“PJM”)...more

Morgan Lewis - Power & Pipes

FERC Reaffirms Commitment to Aggressively Investigate and Penalize Fraud and Manipulation

Since January, FERC-regulated market participants and practitioners alike have anticipated how FERC may approach its enforcement mission under the stewardship of Chairman Richard Glick following his appointment as chair by...more

Proskauer - Minding Your Business

Nationwide Deep Freeze Leads to Spike in Natural Gas Prices

In the wake of the deep freeze that recently swept the nation, natural gas has taken the forefront among a slew of price gouging allegations. Last week’s winter storms caused natural gas spot market prices to spike, with some...more

Morgan Lewis - Power & Pipes

FERC to Investigate Natural Gas and Electricity Markets in Wake of Texas Storm

The Federal Energy Regulatory Commission (FERC) announced on February 22 that its Office of Enforcement would examine wholesale natural gas and electricity market activity during last week’s extreme cold weather ...more

Bracewell LLP

FERC Issues Settlement Order Reaffirming “Gaming” Prohibition in Power Markets

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Last week the Federal Energy Regulatory Commission (FERC) issued an Order Approving Stipulation and Consent Agreement involving High Desert Power Project, LLC (High Desert) and Middle River Power LLC. (Middle River) to...more

Wiley Rein LLP

FERC: A Discussion on its Mission, Market Manipulation Investigations, and Common Violations

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Wiley partner Erik Baptist and Jeremy Medovoy, Deputy Director of FERC’s Division of Investigations, Office of Enforcement, break down the Federal Energy Regulatory Commission’s (FERC) mission and its anti-market manipulation...more

WilmerHale

Issues to Watch at FERC in 2020

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Several developments may raise the profile of the Federal Energy Regulatory Commission (FERC or the Commission) in 2020. First, the growing importance of renewable energy generation will raise new issues for FERC. On...more

Dorsey & Whitney LLP

FERC Asks a Federal Court to Enforce Civil Penalties against a Marketer and Trader

Dorsey & Whitney LLP on

Last fall, FERC assessed civil penalties against an electric marketer and trader for alleged market manipulation, and when the bill went unpaid asked a Federal court in California to enforce the penalties. At issue is (1)...more

Blank Rome LLP

FERC Issues Penalty Assessment in Vitol CAISO Market Manipulation Proceeding

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The Federal Energy Regulatory Commission issued an Order Assessing Civil Penalties, imposing approximately $1.5 million in civil penalties on Vitol Inc. and one million dollars in penalties on a Vitol trader. In a departure...more

Dorsey & Whitney LLP

The DOJ, SEC, CFTC, FERC and Uneconomic Market Trading

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Uneconomic trading in regulated markets is a key focus of market regulators such as the DOJ, SEC, CFTC and FERC. Traders at times, for example, take different positions in select markets which can result in losses in one...more

Davis Wright Tremaine LLP

FERC Rejects Complaint Alleging Market Manipulation After Chairman Terminates Formal Investigation

Complaints alleging that Dynegy, Inc. (Dynegy) engaged in market manipulation by withholding capacity from the 2015/16 Planning Auction (the 2015/16 Auction) for Local Resource Zone 4 of the Midcontinent Independent System...more

Blank Rome LLP

FERC Issues Show Cause Order Proposing $6.8M in Civil Penalties to Vitol Inc. and Individual Trader and $1.2M Disgorgement for...

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Recently, FERC issued an Order to Show Cause why Vitol Inc. and its co-director of financial transmission rights trading should not be found to have engaged in market manipulation by selling physical power in CAISO at a loss...more

Foley Hoag LLP - Energy & Climate Counsel

District of Massachusetts Reaffirms Broad Defense of Filed Rate Doctrine

An important legal doctrine for companies that buy and sell in regulated markets is the “filed rate” doctrine, which limits legal challenges to rates determined by regulators such as the Federal Energy Regulatory Commission...more

Morgan Lewis

FERC Rescinds Its Policy of Issuing Notices of Alleged Violations

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FERC issued an order on May 16 rescinding its 2009 policy of issuing Notices of Alleged Violations (NAVs) after the subject of an investigation is given an opportunity to respond to FERC Enforcement Staff’s preliminary...more

WilmerHale

Energy Market Manipulation Remains a Hot Issue at FERC

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This is the eighth issue of WilmerHale’s 10-in-10 Hot Topics in Energy Series. Over the course of 10 weeks, our attorneys will share insights on current and emerging issues affecting the US energy sector. ...more

Akin Gump Strauss Hauer & Feld LLP

FERC Wins Statute of Limitations Fight in Market Manipulation Enforcement Case, But Uncertainty Remains

On January 4, 2019, the United States District Court for the District of Maine handed the Federal Energy Regulatory Commission (FERC or “the Commission”) a victory in FERC v. Silkman, a long-running market manipulation...more

Akin Gump Strauss Hauer & Feld LLP

CFTC Brings Energy Market Insider Trading Case, Announces Insider Trading Task Force

• The CFTC has filed a new “insider trading” enforcement action involving the energy markets—the agency’s third energy market insider trading case since 2015. • The CFTC also created an Insider Trading and Information...more

Akin Gump Strauss Hauer & Feld LLP

Federal Court Hands FERC Procedural Victory in Market Manipulation Enforcement Case While Confirming Statute of Limitations is a...

On September 24, 2018, the U.S. District Court for the Eastern District of Virginia denied defendants’ motion to dismiss the Federal Energy Regulatory Commission’s (FERC or “the Commission”) complaint in FERC v. Powhatan...more

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