This week’s developments on the enforcement front, including an update on the Total natural gas market manipulation case:
- CFTC files and settles charges against Total Gas & Power North America, Inc. and Therese Tran for attempted manipulation of natural gas monthly index settlement prices.
- Staff holds technical conference on Connected Entity data.
- FERC files the administrative record in the Powhatan/Chen proceeding.
This week’s developments on the FERC enforcement front, and the latest on energy legislation in Congress.
- Judge in FERC v. Powhatan/Chen case issues order setting prehearing conference.
- FERC files Opposition to Barclays motion for discovery.
- Shareholder files derivative complaint against J.P. Morgan for breaches of fiduciary duty related to FERC settlement.
- FERC releases 2015 Report on Enforcement.
- FERC terminates docket on proposed quarterly natural gas reporting.
- FERC denies rehearing of Order No. 771 related to access to e-Tag data.
- FERC requires reports on price formation in regional electric markets.
- Parties seek rehearing of FERC market-based rate revisions.
- Barclays files appeal to Ninth Circuit and motion for discovery in federal district court.
- Powhatan and Chen file rebuttals to FERC opposition motions to dismiss.
- FERC grants motion for technical conference and postpones comment deadline on Connected Entity NOPR.
- FERC v. Barclays: Judge Nunley denies motion for clarification and FERC files the administrative record in the Barclays proceeding.
- FERC v. Powhatan: FERC files opposition to Powhatan and Chen motions to dismiss.
- FERC v. Berkshire Power: FERC issues NAV against Berkshire Power Company LLC and Powerplant Management Services LLC.
Last week, in the FERC v. Barclays court case, the judge issued a scheduling order. This order gets at the “de novo review” and sets forth how the case will proceed – including whether Barclays gets the right to supplement the record.
On Friday, FERC filed an opposition to Maxim’s motion to dismiss. FERC contends none of Maxim’s motion meets the requirements for dismissing a complaint.
Yesterday, FERC issued a Notice of Alleged Violation naming Total and two traders.
Staff alleges that the scheme involved making largely uneconomic trades for physical natural gas during bid week designed to move indexed market prices in a way that benefited the company’s related positions. Staff also alleges that the West Desk implemented the bid week scheme on at least 38 occasions during the period of interest. Staff further alleges that Therese Nguyen and Aaron Hall each implemented the scheme and supervised and directed other traders in implementing the scheme.
Many developments on the enforcement front:
- New NAV for UTC traders.
- FERC complaint against Maxim challenged by motion to dismiss.
- New DOJ Guidance Puts Emphasis on Identifying Culpable Individuals in Corporate Internal Investigations.