Academic journal article Energy Law Journal

Editor-in-Chief's Page

Academic journal article Energy Law Journal

Editor-in-Chief's Page

Article excerpt

A new era has arrived regarding enforcement and compliance activities and issues in U.S. wholesale electricity, natural gas, and petroleum markets. The enforcement and compliance climate has changed considerably because there are multiple arenas for enforcement and compliance actions, multiple risks, and multiple challenges for energy market participants, federal enforcement authorities, federal regulators, and consumers. Further, market manipulation is a particularly contentious topic in energy markets.

The Energy Policy Act of 2005 exponentially increased the Federal Energy Regulatory Commission's enforcement tools in electricity and natural gas markets, providing the agency with clear authority to prohibit' market manipulation and new authority to impose civil penalties of up to $ 1 million per day per violation. The Energy Independence and Security Act of 2007 provided the Federal Trade Commission with substantial civil penalty authority to prohibit market manipulation in wholesale petroleum markets and the FTC's new market manipulation rule became effective within the last six months. In 2008, Congress gave the Commodity Futures Trading Commission substantial new civil penalty authority to punish market manipulation as well as new responsibilities with respect to certain energy contracts. And FERC just adopted, for the first time, guidelines for determining civil penalties modeled in large part on the U.S. Sentencing Guidelines. …

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