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
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