Q&A: Ferc’s Norman Bay on market manipulation, polar vortexes

New chairman rejects criticism of Ferc enforcement actions

Norman Bay - Ferc
A former federal prosecutor, Bay led the Ferc Office of Enforcement from 2009 to 2014

When US president Barack Obama nominated Norman Bay to lead the Federal Energy Regulatory Commission (Ferc) last year, market participants were taken aback – and a little bit worried.

Bay had developed a fearsome reputation among energy traders with his crackdown on alleged manipulation and other misconduct in the US wholesale power and natural gas markets. A former federal prosecutor who was put in charge of Ferc's Office of Enforcement in 2009, he dramatically raised the agency's profile over