Ferc manipulation cases put limits on US power traders
US power traders face stricter limits as a result of recent Ferc enforcement actions that have created uncertainty over the definition of market manipulation. The pressure has intensified since the regulator won a procedural victory in its landmark case against Barclays in May
Former US president Theodore Roosevelt was famed for summing up his foreign policy with the phrase: "Speak softly and carry a big stick." The same words might be used to characterise the approach of the US Federal Energy Regulatory Commission (Ferc) to stamping out power-market manipulation. In recent years, Ferc has shown an increasing willingness to wield its ‘big stick', most notably in an ongoing effort to fine Barclays $470 million for allegedly manipulating power markets in the western US
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