FERC Staff Issue Notice Alleging Manipulation By Virtual Trader

FERC Staff issued a notice of alleged violations stating that, "the staff of the Office of Enforcement (Enforcement) of the Federal Energy Regulatory Commission has preliminarily determined that Etracom LLC (Etracom) and Michael Rosenberg violated the Commission’s Anti-Manipulation Rule, 18 C.F.R. § 1c.2, by engaging in manipulative virtual trading at the New Melones Intertie in the California Independent System Operator footprint during May 2011."

"Enforcement preliminarily determined that Etracom’s trades were intended to artificially lower the day-ahead LMP to benefit Etracom’s congestion revenue rights (CRR) positions sourced at the same location. During the period of interest, Rosenberg was Etracom’s principal trader and majority owner," the Staff notice of alleged violations states