Manipulating

Energy Transfer Says Court, Not FERC, Has Final Say on Penalties

Energy Transfer Partners LP (ETP) is seeking expedited rehearing of a July show cause order in which FERC accused it of manipulating the natural gas physical markets at the Houston Ship Channel and Waha trading hub. The Dallas-based energy company faces up to $167 million in total penalties and disgorgement of unjust profits if it is unable to successfully dispute the charges (see NGI, July 30).

September 3, 2007

Energy Transfer Says Court, Not FERC, Should Decide Penalty Case

Energy Transfer Partners LP (ETP) is seeking expedited rehearing of a July show cause order in which FERC accused it of manipulating the natural gas physical markets at the Houston Ship Channel and Waha trading hub. The Dallas-based energy company faces up to $167 million in total penalties and disgorgement of unjust profits if it is unable to successfully dispute the charges (see Daily GPI, July 27).

August 29, 2007

Western Gas Resources Settles Class Action Litigation

Western Gas Resources Inc. announced Thursday it has entered into a settlement agreement to pay $5.95 million in a civil suit in which Western was charged with manipulating the prices of natural gas futures on the Nymex in violation of the Commodity Exchange Act, by reporting allegedly “inaccurate, misleading and false trading information” to natural gas index publishers.

July 5, 2005

Appeals Court Upholds Law Used to Indict Former Gas Trader

The U.S. Fifth Circuit Court of Appeals has upheld a law used to charge a former natural gas trader with manipulating prices by reporting false information, moving the ex-Dynegy Inc. gas trader closer to trial.

December 27, 2004

Appeals Court Upholds Law Used to Indict Former Gas Trader

The U.S. Fifth Circuit Court of Appeals last Friday upheld the law used to charge a former natural gas trader with manipulating prices by reporting false information, moving the ex-Dynegy Inc. gas trader closer to trial.

December 21, 2004

CFTC Settles With Former Avista Trader Charged with Manipulating Power Futures

The U.S. Commodity Futures Trading Commission (CFTC) said it has accepted a settlement offer from former Avista Vice President Williams H. Thomas, who was charged with manipulation of the settlement prices of the now defunct Palo Verde and California-Oregon-Border (COB) electricity futures contracts, traded on the New York Mercantile Exchange (Nymex) from April 1998 through July 1998.

October 13, 2003

El Paso to Pay $20M to Settle CFTC Charges of Manipulating Gas Index Prices

Without admitting any wrongdoing, El Paso Corp.’s trading unit last week agreed to pay $20 million as part of a settlement with the Commodity Futures Trading Commission (CFTC) of charges that it furnished false information about natural gas trades in an attempt to skew index prices to its benefit.

March 31, 2003