05
April
2018
Energy Enforcement Update
This week’s enforcement update covers:
- FERC files opposition to Powhatan and Chen motion to dismiss amended complaint;
- Judge denies CFTC motion to compel based on agreement of parties;
- FERC extends deadline for comments in grid resilience proceeding to May 9;
- Supreme Court extends time for government to respond to TOTAL;
- Sidley and The Brattle Group to host webinar on FERC energy storage order; and
- Sidley’s Ken Irvin moderates PLI program on FERC enforcement.
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05
March
2018
Energy Enforcement Update
This week’s enforcement update covers:
- Powhatan and Chen file motion to dismiss FERC’s amended complaint;
- FERC and Silkman/CES file motions for summary judgment regarding statute of limitations;
- FERC Staff finds no withholding of pipeline capacity in New England markets;
- BP files reply to FERC answer regarding on statute of limitations; and
- FERC and ETRACOM stay discovery pending mediation.
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07
February
2018
Energy Enforcement Update
This week’s enforcement update covers:
- CFTC orders Deutsche Bank Securities Inc. to pay $70 million penalty for attempted manipulation of ISDAFIX benchmark;
- CFTC and DOJ announce spoofing charges against banks and individuals;
- FERC files amended complaint in case against Powhatan and Chen;
- Judge grants joint motion on summary judgment procedure in FERC case against Silkman/CES;
- FERC OE files answer to BP motion seeking dismissal based on statute of limitations;
- FERC Chairman testifies on grid performance during recent weather events; and
- FERC Commissioner Rich Glick stresses importance of FERC enforcement regime.
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18
January
2018
Energy Enforcement Update
Our first enforcement update for 2018 covers:
- FERC terminates DOE NOPR proceeding on grid resilience and initiates new proceeding;
- FERC increases maximum civil penalties for violations;
- TOTAL files petition for writ of certiorari in Supreme Court;
- FERC loses again – Judge rules Powhatan and Chen are entitled to a de novo trial in district court;
- Judge denies Silkman and CES objection to magistrate’s discovery rulings in district court; and
- ERCOT proposes rule revisions to protect its jurisdictional independence from FERC.
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21
December
2017
Energy Enforcement Update
This week’s enforcement update covers:
- BP files motion seeking dismissal of FERC case based on statute of limitations;
- Eversource sends cease & desist letter regarding alleged gas pipeline capacity withholding report;
- Secretary Perry grants extension for FERC action on DOE grid resiliency proposal;
- Kevin McIntyre sworn in as Chairman and Richard Glick sworn in as Commissioner at FERC;
- House Energy and Commerce Subcommittee holds hearing on financial trading in electricity markets; and
- CFTC releases annual enforcement results for Fiscal Year 2017.
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21
November
2017
Energy Enforcement Update
Our latest enforcement update covers:
- FERC releases 2017 Report on Enforcement showing continued focus on fraud and market manipulation;
- CFTC settles with Statoil ASA for attempted manipulation of Argus Far East Index propane benchmark – “damning” messages again cause trouble;
- Judge issues case management order and sets trial date in CFTC case against Kraft;
- FERC approves settlement in Barclays case;
- CFTC orders Cargill, Inc. to pay a $10 million civil penalty for providing inaccurate mid-market marks on swaps;
- Senate confirms McIntyre and Glick to FERC, but still not sworn in at FERC; and
- CFTC orders Morgan Stanley and Co. Incorporated to pay $350,000 penalty for Part 17 Large Trader reporting violations.
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30
October
2017
Energy Enforcement Update
This week’s enforcement update covers:
- Barclays and FERC Enforcement reach agreement in principle to settle manipulation lawsuit for a total of $105 million;
- HSBC executive convicted of foreign currency exchange fraud;
- FERC Chairman Chatterjee calls for FERC to reexamine proper scope of de novo review;
- Senator Blumenthal calls on FERC to investigate price manipulation allegations;
- CFTC finds that Arab Global Commodities DMCC engaged in spoofing of copper futures contracts; and
- FERC files response to Silkman and CES objection to magistrate’s discovery rulings in district court.
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04
October
2017
FERC Issues Declaratory Order Easing Regulatory Approval Requirements for Tax Equity Investors in Renewable Projects
On October 4, FERC issued an order granting a petition for declaratory order by a group of tax equity investors in renewable energy projects, which requested FERC confirmation that the tax equity interests identified in FERC’s order in AES Creative Resources do not constitute voting securities for purposes of section 203 of the Federal Power Act (“FPA”). (more…)
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02
October
2017
Energy Enforcement Update
This week’s enforcement update covers:
- Judge grants Smith motion for judgment on pleadings and dismisses Smith in Barclays case;
- DOE urges FERC to take action to address electric grid resiliency;
- CFTC Director of Enforcement emphasizes self-reporting and cooperation in speech;
- CFTC Division of Enforcement issues Updated Advisory on Self Reporting and Cooperation;
- CFTC orders Logista Advisors LLC to pay $250,000 for supervision failures related to spoofing;
- CFTC orders Morgan Stanley & Co. LLC to pay $500,000 for supervision failures;
- CFTC issues no-action relief regarding CPO and CTA registration;
- CFTC orders Citibank, N.A. and Citigroup Global Markets Limited to pay a $550,000 penalty for swap data reporting violations;
- CFTC orders Merrill Lynch to pay $2.5 million to settle charges of supervision failures and recordkeeping violations;
- Silkman and CES file partial objection to magistrate’s discovery rulings in district court; and
- FERC Staff presents on enforcement activities during the no-quorum period.
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18
September
2017
Energy Enforcement Update
This week’s enforcement update covers:
- CFTC orders W Resources, LLC to pay a $150,000 civil penalty for registration violations;
- Senate Energy & Natural Resources Committee considers FERC nominees; new GC withdraws from FERC v. Powhatan case.
- Rostin Behnam sworn in as a Commissioner of the CFTC;
- Appeals court denies petition for rehearing related to spoofing conviction against Michael Coscia;
- FERC approves settlement agreement with American Transmission Company;
- FERC Enforcement settles with Westar Energy; and
- FERC approves settlement agreement with City Power and Tsingas.
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