FERC Approves Settlement of Alleged Market Manipulation Suit

On April 10, 2018, the Federal Energy Regulatory Commission (“FERC” or the “Commission”) approved a stipulation and consent agreement (the “Settlement Agreement”) between FERC’s Office of Enforcement (“Enforcement”) and ETRACOM LLC and Michael Rosenberg [1] (“Respondents”). The Settlement Agreement brings to an end three years of litigation before FERC and a U.S. federal district court concerning FERC’s allegations that the Respondents manipulated the California Independent System Operator Corp. (“CAISO”) market by placing uneconomic virtual transactions for the purpose of benefitting...

Court Provides Further Clarity Regarding Scope of FERC’s Enforcement Authority

On March 30, 2018, the U.S. District Court for the Southern District of Ohio issued an opinion granting in part and denying in part motions to dismiss the Federal Energy Regulatory Commission’s (“FERC”) action seeking to enforce its assessment of civil penalties against Coaltrain Energy, L.P. (“Coaltrain”), the two co-owners of Coaltrain, and three other individuals (collectively, the “Defendants”). FERC alleges that the Defendants: manipulated the PJM Interconnection, L.L.C. market by placing virtual transactions for the purpose of increasing Coaltrain’s eligibility for Marginal Loss Surplus...

U.S. Futures Exchanges Disciplinary Actions Alert: March 2018

The Bracewell U.S. Futures Exchanges Disciplinary Actions Report is a monthly report that provides summaries of certain disciplinary notices by U.S. exchanges during the prior month. The report has a particular focus on notices potentially relevant to energy commodities and is not intended to be a comprehensive review of each and every notice issued. Instead, the report is intended to provide market participants, and compliance personnel in particular, with illustrative examples of rule violations and to bring to light enforcement trends across the exchanges. The disciplinary notices cited in...

U.S. Futures Exchanges Disciplinary Actions Alert: February 2018

The Bracewell U.S. Futures Exchanges Disciplinary Actions Report is a monthly report that provides summaries of certain disciplinary notices by U.S. exchanges during the prior month. The report has a particular focus on notices potentially relevant to energy commodities and is not intended to be a comprehensive review of each and every notice issued. Instead, the report is intended to provide market participants, and compliance personnel in particular, with illustrative examples of rule violations and to bring to light enforcement trends across the exchanges. The disciplinary notices cited in...

Upcoming Opportunity to Help Guide A Discussion With FERC Staff Regarding Accessing and Using EQR Data

On March 6, 2018, the Federal Energy Regulatory Commission (“FERC”) issued notice of its upcoming fifth biannual Electric Quarterly Report (“EQR”) Users Group meeting (see Docket No. AD18-9-000, Notice of Electric Quarterly Report Users Group Meeting ). [1] The spring meeting will take place on June 5, 2018 from 1:00 pm to 5:00 pm (EST) at FERC in the Commission Meeting Room. The biannual meeting has historically provided a forum for FERC staff and EQR users to discuss potential improvements to the EQR program and the EQR filing process. Notably, FERC staff has indicated it will dedicate time...
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