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FERC Staff Issues Notice of Violation Alleging Manipulation by Power Marketing
FERC issued a notice yesterday alleging that its Office of Enforcement has, "preliminarily determined," that City Power Marketing, LLC and K. Stephen Tsingas violated the Commission's Anti-Manipulation Rule, 18 C.F.R. § 1c.2 (2014) by engaging in manipulative Up To Congestion trading in PJM Regional Transmission Organization during July 2010.
Enforcement alleges that it has also preliminarily determined that City Power violated 18 C.F.R. § 35.41 (2014) by making false statements and omitting material information during the investigation.
"During the period of interest, Tsingas was the principal owner of City Power and personally conducted relevant trades in PJM. Staff alleges that Tsingas (on behalf of City Power) engaged in Up To Congestion transactions in PJM that were designed to falsely appear to be spread trades but that were in fact a vehicle to collect certain payments (called 'Marginal Loss Surplus Allocation,' or MLSA) from PJM. Staff alleges that through these trades, City Power sought not to profit from changes in price spreads but rather to profit by clearing large volumes of Up To Congestion transactions with the goal of collecting MLSA," the notice said.
"Staff further alleges that during the investigation, Tsingas (on behalf of City Power) intentionally made false statements and omitted material information in responding to deposition questions and data requests," the notice said.
ADVERTISEMENT Copyright 2010-
August 26, 2014
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Copyright 2010-14 EnergyChoiceMatters.com
Reporting by Paul Ring • ring@energychoicematters.com
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