FERC’s Jurisdiction and Market Manipulation Enforcement Authority
EPAct 2005
FERC Section 1c Prohibitions
Examples of Prohibited Conduct
Instructive Precedents
Bidding Practices in RTO/ISO Markets Viewed as Unlawful Gaming
GSEMNA
JP Morgan
Coaltrain
City Power Marketing
Powhatan Energy Fund
Conducting Physical Trades to Benefit Financial Positions
Barclays
BP
Total
Constellation Energy
Amaranth/Brian Hunter
Energy Transfer Partners
Twin Cities
National Energy & Trade
Direct Energy
Virtual Trading to Benefit Congestion Revenue Rights
ETRACOM/Michael Rosenberg
Louis Dreyfus Energy Services
Deutsche Bank Energy Trading
Receiving Payments Based on Allegedly Misleading Statements or Omissions
Maxim
Berkshire
Lincoln Paper
Competitive Energy Services
Rumford Paper
Gila River
North America Power Partners/Joseph Polidoro
Flipping Transactions
Atmos Energy
DTE Gas
ConocoPhillips
Integrys
Lessons Learned
How to Manage the Risks of Civil Penalties for Market Manipulation
FERC Civil Penalty Guidelines
Penalty Calculation Formula
Elements of an Effective Compliance Program
Culpability Scores
Intentional or Reckless Misrepresentations and False Statements to FERC and FERC Staff
Key Takeaways
INSTRUCTOR
Glenn S. Benson Partner/Davis Wright Tremaine LLP
Glenn Benson leads the Energy Compliance & Enforcement Defense team out of the Washington, D.C. office of the international law firm of Davis Wright Tremaine LLP. He has more than 23 years of experience advising companies across the energy industry on compliance with Federal Energy Regulatory Commission (FERC) rules and regulations, including its market manipulation prohibition. He conducts regular compliance training sessions for the Firm’s energy clients and guides them through the development, implementation, and continuous improvement of their compliance programs. He also has successfully defended clients in both the electric and natural gas industries from market manipulation investigations at FERC.
Glenn S. Benson