Abstract

http://ssrn.com/abstract=1485039
 


 



Warnings to the Unwary: Multi-Jurisdictional Federal Enforcement of Manipulation and Deception in the Energy Markets after the Energy Policy Act of 2005


Allan Horwich


Northwestern University - School of Law; Schiff Hardin LLP

December 1, 2006

Energy Law Journal, Vol. 27, No. 2, 2006
Northwestern Law & Econ Research Paper No. NO. 09–40

Abstract:     
Some energy markets in the United States, notably California’s, have proven to be vulnerable to manipulation. In response, Congress included provisions in the Energy Policy Act of 2005, now implemented by the Federal Energy Regulatory Commission (FERC), that enhanced the power of the FERC to address manipulation and deception that affects transactions within the FERC’s jurisdiction. These far-reaching rules subject transactions and actors who were not previously exposed to FERC jurisdiction to the enforcement powers of that agency, including very substantial penalties. Under the FERC’s new rules, all participants in the organized energy markets, including those who trade in the retail portion, governmental, and certain cooperative utilities, and quite possibly including those who trade in the financial markets with an impact on FERC jurisdictional transactions, have become subject to the FERC’s enforcement jurisdiction. This Article addresses the scope and meaning of the new FERC rules.

Number of Pages in PDF File: 61

Keywords: energy market manipulation, commodity market manipulation, Energy Policy Act of 2005

JEL Classification: K20, K32, K19

Accepted Paper Series


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Date posted: October 10, 2009  

Suggested Citation

Horwich, Allan, Warnings to the Unwary: Multi-Jurisdictional Federal Enforcement of Manipulation and Deception in the Energy Markets after the Energy Policy Act of 2005 (December 1, 2006). Energy Law Journal, Vol. 27, No. 2, 2006; Northwestern Law & Econ Research Paper No. NO. 09–40. Available at SSRN: http://ssrn.com/abstract=1485039

Contact Information

Allan Horwich (Contact Author)
Northwestern University - School of Law ( email )
375 E. Chicago Ave
Unit 1505
Chicago, IL 60611
United States
Schiff Hardin LLP ( email )
6600 Sears Tower
Chicago, IL 60606-6473
United States
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