FERC investigates possible Winter Storm Elliott market manipulation
by Ethan Howland, Utility Dive | Source: Utility DIVE | Posted 11/17/2023
“Those people who committed market manipulation … we will find you, we will punish you and you will pay the price,” FERC's acting chairman said.
AI generated summary
The Federal Energy Regulatory Commission (FERC) is conducting investigations into two potential cases of market manipulation during Winter Storm Elliott in December, according to the agency's annual enforcement report. The probe is based on six inquiries initiated by FERC's Division of Analytics and Surveillance, which conducts enhanced market surveillance during periods of unusually high wholesale energy prices. The agency is also investigating a market participant for possible manipulation of the California Independent System Operator market and other Western markets during an energy price spike. FERC approved 12 enforcement office settlement agreements totaling approximately $48.8 million in fiscal year 2023.
FERC Acting Chairman Willie Phillips stated that any individuals or entities found to have engaged in market manipulation or fraud will be punished, emphasizing the agency's commitment to protecting consumers. FERC Commissioner Allison Clements praised the agency for its enhanced market surveillance efforts, calling them crucial for maintaining the integrity of the energy markets. In addition to the investigations, FERC's Division of Audits and Accounting completed nine audits in fiscal year 2023, resulting in 68 findings of non-compliance and $33 million in refunds and recoveries.
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