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

Ferc has recently shown an increasing willingness to wield its ‘big stick’

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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