FERC Floats $229M Penalty For Market Manipulation

Law360 (May 20, 2021, 9:08 PM EDT) -- The Federal Energy Regulatory Commission proposed a $229 million penalty Thursday for a trading firm accused of manipulating wholesale power markets, and several commissioners said they favor mandatory cybersecurity standards for pipelines in the wake of the Colonial Pipeline ransomware attack.

During a monthly open meeting overshadowed by a partisan divide between commissioners over how extensive the agency's climate change reviews should be, the board proposed its biggest penalty in more than seven years against GreenHat Energy LLC and its owners in a market manipulation case.

And while a majority of FERC commissioners said they would support mandatory cybersecurity requirements for pipelines, the...

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