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FERC Approves $1.9 Million Settlement With Power Trader
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FERC has approved a Stipulation and Consent Agreement (Agreement) between the Office of Enforcement (Enforcement) and ETRACOM LLC and Michael Rosenberg (together, Respondents), which FERC said, "resolves on fair and equitable terms: (a) the Commission’s claims against Respondents for violations of section 222 of the Federal Power Act (FPA) and the Commission’s Anti-Manipulation Rule, 18 C.F.R. § lc.2 (2017), and (b) the Commission’s action captioned FERC v. ETRACOM LLC, No. 2:16-CV-01945-SB (E.D. Cal.) ('Federal Court Lawsuit')."
The Respondents neither admit nor deny the alleged violations and agree that ETRACOM shall make payments totaling $1,900,000.
Under the settlement, ETRACOM agrees to pay $1,900,000 in disgorgement, interest and civil penalties. Disgorgement of $315,072, plus interest of $84,419.72, shall be paid to CAISO for distribution to market participants impacted by ETRACOM’s trading at issue during the Relevant Period. The remainder, $1,500,508.28, shall constitute a civil penalty to be paid to the United States Treasury.
FERC had originally issued an order assessing civil penalties pursuant to section 316A of the FPA in the following amounts: $2,400,000 against ETRACOM and $100,000 against Rosenberg
Previously, Staff from FERC's Office of Enforcement had alleged that, "in May 2011, ETRACOM submitted and cleared uneconomic virtual supply transactions intended to artificially lower the day-ahead LMP and create import congestion at New Melones, which greatly benefited ETRACOM’s Congestion Revenue Rights (CRR) positions sourced at New Melones."
FERC issued an order in 2016 finding that ETRACOM’s virtual trading in May 2011 at the New Melones intertie violated section 222 of the FPA and 18 C.F.R. § 1c.2, the Commission’s Anti-Manipulation Rule.
Docket No. IN16-2-000
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April 11, 2018
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Copyright 2010-17 EnergyChoiceMatters.com
Reporting by Paul Ring • ring@energychoicematters.com
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