market manipulation

Initial Decision Finds That BP Manipulated 2008 Natural Gas Market In Texas

A BP station in downtown Chicago - at th

On August 13, 2015, a Federal Energy Regulatory Commission Administrative Law Judge issued an initial decision in which she found that BP America Inc manipulated the natural gas market in Texas for over two and a half months in 2008.

Climate Protection - Photo Illustrations

The Federal Energy Regulatory Commission (FERC or the Commission) recently opted not to take action to set aside the results of a power auction that was allegedly manipulated. In the face of significant public complaints, the Commission ordered revisions to tariff provisions governing future auctions. While it opted not to take action here, the opinions of the commissioners effectively gave notice to capacity owners that rate increases alone may be a sufficient basis for investigating auction results, even if the auction is conducted pursuant to tariff.


A famous criminal defense lawyer was asked about how to hire a lawyer for a criminal defense case. Imagine, he was asked, that a relative was charged with a serious crime in a place where he didn’t know anyone. How would he go about finding a lawyer for his friend? The answer — hire the… Keep reading →

FERC, CFTC Agreement Finally Inked

CFTC And SEC Heads Testify Before Senate Appropriations Committee

The recent memoranda of understanding (“MOUs”) entered between the Federal Energy Regulatory Commission (“FERC”) and the Commodity Futures Trading Commission (”CFTC”) made significant progress towards alleviating the long-time tension between the two agencies. On January 2, 2014, the FERC and the CFTC signed two MOUs on jurisdiction (“Jurisdiction MOU”) and information sharing (“Information Sharing MOU”)… Keep reading →

Hurricane Katrina Aftermath - Day 20

No doubt the Energy and Utilities industry has witnessed increasing complexity and significant challenges in recent years, centering around compliance issues, competitive pricing pressures, and business continuity. These issues, amongst others, will remain the focus for Board and Management’s corporate strategy and 2014 planning meetings around the world. Looking back on year 2013, and ahead… Keep reading →

Australian Electricity Prices Surge 50 Percent In Five Years

Recent enforcement actions by the Federal Energy Regulatory Commission on alleged manipulation of US power markets are “alarming” and set a dangerous precedent that departs from previous cases, a Harvard professor and former International Association for Energy Economics president told energy traders gathered in New York City this week. FERC is endangering the functioning of… Keep reading →

Dow Jones Averages Falls Below 11,000

The credits – Renewable Index Numbers –  created to track compliance with EPA-mandated ethanol blending into the US fuel supply as part of the Renewable Fuel Standard reportedly created a market easily manipulated by Wall Street and other players. [New York Times] Some positive climate change news may be on the horizon when the Intergovernmental… Keep reading →

Senate Democrats Hold Hearing On Contractors In Iraq

Some of the world’s leading oil field service companies are accused of anticompetitive behavior in which the firms allegedly colluded to manipulate the hydraulic fracturing services market. The companies face a class action lawsuit under the Sherman Antitrust Act. “The class action complaint alleges that major oilfield services companies conspired to manipulate the market for… Keep reading →

Federal Reserve Announces Interest Rate Decision

A high frequency energy trading firm is being charged by federal regulators Monday with manipulating markets through “spoofing,” an increasingly frequent scheme in which false bids are submitted and then pulled back, the Commodities Futures Trading Commission said. The civil action against Panther Energy Trading of Red Bank, N.J., and owner Michael J. Coscia, is… Keep reading →

NY Attorney General Files Lawsuit Against JP Morgan Chase Over Bear Stearns Fraud

JP Morgan may be on the verge of the largest payment ever to the Federal Energy Regulatory Commission, at close to $1 billion, related to allegations that the bank manipulated electricity markets in California and the Midwest. The deal is not yet finalized, but the conversations highlight an increasingly aggressive stance taken by a little-known… Keep reading →

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