Top US energy regulator defends market manipulation probes
Ferc chairman Norman Bay says the agency has provided ‘a lot of clarity’ of the definition of market manipulation, rejecting complaints from industry that the rules are unclear
The new head of the US Federal Energy Regulatory Commission (Ferc) has defended the agency's drive to stamp out misconduct in natural gas and power markets, dismissing complaints from the industry that Ferc has been overly aggressive and failed to provide clear guidance on the boundary between permitted trading strategies and unlawful market manipulation.
In an exclusive interview with Risk.net, Ferc chairman Norman Bay pointed to Ferc Order 670, the 2006 document that codified Ferc's anti
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