Category Archives: Power

REMIT: The Road to Enforcement

By Doron Ezickson and Adam Topping Following a number of recent developments, described below, the rules and regulations enacted under the European Union (EU) Regulation on Wholesale Energy Markets Integrity and Transparency (REMIT) are now close to being fully-implemented.  Market participants must … Continue reading

Posted in Commodity Trading, Enforcement and Investigations, Mining/Metals, Oil & Gas, Power, Regulation, REMIT

Tariff Compliance Is Not Enough: FERC Imposes Nearly Thirty-Five Million Dollars in Penalties and Disgorgement against Powhatan Energy Fund and Its Trading Associates

By Doron Ezickson, Thomas Millar, and Mary Treanor On May 29, 2015, the Federal Energy Regulatory Commission (“FERC”) issued an Order against Powhatan Energy Fund, LLC and its trading partners, Dr. Houlihan Chen, HEEP Fund, LLC and CU Fund, Inc. (together, “Powhatan”).  FERC … Continue reading

Posted in Commodity Trading, Enforcement and Investigations, FERC, Oil & Gas, PJM, Power, Regulation

CFTC Issues Proposed Order to Exempt Certain SPP Transactions from Regulation Under Most Provisions of the CEA and CFTC Rules

By Paul Pantano, Sohair Aguirre and Lamiya Rahman On May 19, 2015, the Commodity Futures Trading Commission (“CFTC” or “Commission”) issued an order in response to an application from Southwest Power Pool, Inc. (“SPP”) proposing to exempt three categories of SPP transactions (“Covered … Continue reading

Posted in CFTC, Enforcement and Investigations, Oil & Gas, Power, Regulation

“Such a fact pattern does not a $5 million penalty make.”

By Doron Ezickson, Thomas Millar and Katherine Vorhis Or so says one dissenting FERC Commissioner in the recent Maxim Power enforcement proceeding. On May 1, 2015, FERC issued an order assessing civil penalties (the “Order”) of $5 million against Maxim Power Corporation and … Continue reading

Posted in FERC, Oil & Gas, Power, Regulation

What Did April Bring?: FERC Extends Out-of-Market Reliability Measures but Wants Market-Based Solutions

By Gregory Lawrence, Thomas Millar and Mary Treanor The Federal Energy Regulatory Commission (“FERC”) recently published two orders that approved capacity and reliability measures for the Independent System Operator New England Inc. (“ISO-NE”) and the New York Independent System Operator (“NYISO”).  In contrast … Continue reading

Posted in Enforcement and Investigations, FERC, Oil & Gas, Power, Regulation

Supreme Court’s Holding in Oneok v. Learjet Could Lead to New Risks for Market Participants

By Joseph Bial, Gregory Lawrence, Gregory Mocek, Paul Pantano, Charles F. (Rick) Rule, Daniel Howley, Thomas Millar, and Natalie Mitchell On April 21, 2015, the Supreme Court decided Oneok v. Learjet, holding that “Respondents’ state-law antitrust claims are not within the field of matters pre-empted by the Natural … Continue reading

Posted in Antitrust/Competition, Cases, Commodity Trading, Enforcement and Investigations, Oil & Gas, Power, Regulation, Supreme Court

A Signal of Things to Come? New CME Rule 512 Reflects Modified Stance for Violations of Futures and Options Reporting Requirements

By Athena Eastwood, Gregory Mocek, Jonathan Flynn, Neal Kumar and Mary Treanor. On March 24, 2015, the CME Group, Inc. (“CME”) announced a proposed amendment to Rule 512 indicating that it will impose a minimum fine of $1,000 for repeat violations of its exchanges’ reporting … Continue reading

Posted in CFTC, CME, Commodity Trading, Enforcement and Investigations, Mining/Metals, Oil & Gas, Power, Regulation

Truthful . . . but Not Forthcoming? FERC Staff Takes Aggressive View of Material Omissions as Basis for Intent in Maxim Power

By Gregory Lawrence, Thomas Millar and Mary Treanor Recent positions taken by FERC’s Enforcement Staff in the Maxim Power show cause proceeding add to the uncertainty regarding what information market participants must volunteer when communicating with the Commission, ISOs/RTOs, market monitors and others. We … Continue reading

Posted in Enforcement and Investigations, FERC, Oil & Gas, Power, Regulation

Court Finds CFTC RTO/ISO Exemptive Order Bars CEA § 22 Private Right of Action, but More to Come from the CFTC

By Gregory Lawrence, Christopher Polito, and Lamiya Rahma Can private litigants bring claims under the Commodity Exchange Act alleging manipulation in ERCOT’s energy markets?  On February 3, the U.S. District Court for the Southern District of Texas answered “no,” granting defendants’ motion to … Continue reading

Posted in Cases, ERCOT, Oil & Gas, Power, Regulation

Unregistered CTA Summit Energy Services: Choose Your Words Wisely

By Athena Eastwood, Gregory Lawrence, Andrew Greenberg, and Neal Kumar A recent case highlights the importance of periodically reviewing an energy company’s marketing materials and related activities (including statements made on websites) to ensure that the company is not holding itself out — … Continue reading

Posted in Cases, CFTC, Commodity Trading, Mining/Metals, Oil & Gas, Power, Regulation