On February 18, 2010, the Federal Energy Regulatory Commission (”FERC” or the “Commission”) issued an order granting Google Energy LLC (“Google Energy”) market-based rate authority effective February 23, 2010, finding that Google Energy meets the criteria necessary for a Category 1 seller in all regions. [Read more →]

On February 24, 2010, the U.S. Commodity Futures Trading Commission (“CFTC”) issued an order that simultaneously filed and settled charges against UBS AG (“UBS”) for exceeding the New York Mercantile Exchange’s (“NYMEX”) position limits on certain natural gas, heating oil and platinum futures contracts.  Under the accepted Offer of Settlement, in which UBS does not admit or deny the CFTC’s findings, UBS agrees to pay a civil monetary penalty of $130,000. [Read more →]

On February 19, 2010, the American Public Power Association, Electric Consumers Resource Council, National Consumer Law Center, PJM Industrial Customer Coalition, Portland Cement Association, and Public Citizen sent a letter to FERC asking that generator profits be included in performance metrics for Regional Transmission Organizations (“RTO”) and Independent System Operators (“ISO”).  [Read more →]

In a rare move, the United States Department of Justice (“DOJ”) has taken antitrust enforcement action against a participant in a regional market overseen by the Federal Energy Regulatory Commission (“FERC” or the “Commission”). Specifically, DOJ investigated and filed a Sherman Act Section 1 complaint against KeySpan Corporation (“KeySpan”) with respect to a “swap” transaction pertaining to the New York Installed Capacity market operated by the New York Independent System Operator, Inc. This action may signal DOJ’s willingness to supplement FERC’s oversight over regional energy markets. [Read more →]

On February 12, 2010, FERC accepted ISO New England Inc.’s (“ISO-NE”) proposed Installed Capacity Requirement, as well as related values to be used in ISO-NE’s Forward Capacity Market (“FCM”).  As requested, the proposal became effective February 15, 2010, subject to certain conditions.  [Read more →]