Confusion Over FERC Rules Will Remain After Powhatan
Law360, New York (June 11, 2014, 6:42 PM EDT) -- On Feb. 28, 2014, Powhatan Energy Fund launched a public website disclosing that for more than three years, the Federal Energy Regulatory Commission's Office of Enforcement has been investigating Powhatan for alleged manipulation of the PJM Interconnection energy market.
According to FERC OE's preliminary findings, Dr. Houlian Chen, trading on behalf of Powhatan, himself and others, manipulated PJM's energy market by taking advantage of a market loophole that permitted payments to Powhatan despite unprofitable up-to-congestion transactions. Powhatan claims FERC's investigation violates due process because before the investigation began, no FERC order or express regulation put Powhatan on notice that the trades...
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