Top US energy regulator defends market manipulation probes

Bay: Ferc has given ‘a lot of clarity’ on definition of illegal trading

Norman Bay - Ferc
Ferc chairman Norman Bay: "More and more guidance is being provided"

The new head of the US Federal Energy Regulatory Commission (Ferc) has defended the agency's drive to stamp out misconduct in natural gas and power markets, dismissing complaints from the industry that Ferc has been overly aggressive and failed to provide clear guidance on the boundary between permitted trading strategies and unlawful market manipulation.

In an exclusive interview with, Ferc chairman Norman Bay pointed to Ferc Order 670, the 2006 document that codified Ferc's anti-manip