Wednesday, September 19, 2012

FERC ALJ Sets Date for Comments and Oral Argument Regarding Use of $104 Million Fund Disgorged by Alleged NYISO Market Gamers

The FERC ALJ who will make the initial FERC determination on allocation of a $104 million fund for the benefit of electric consumers has set dates for parties to comment on state recommendations, and for oral argument regarding inconsistent state agency recommendations from the PJM area.  In an Order issued September 14, 2012, FERC Deputy Chief ALJ Bobbie J. McCartney set September 26 as the date for all parties in the case to file comments on recommendation of state agencies, and October 4 for oral argument regarding recommendations for use of funds in the PJM regional footprint.

Illinois agencies were not able to agree on their recommendations by the September 11 filing deadline and was granted additional time, until after her decision following oral argument, "as the disposition of those issues [at oral argument] may have a substantive impact on their continuing discussions."

The fund is part of the profits disgorged by alleged manipulators of the markets of the New York Independent System Operator (NYISO).

For background, see

PULP Network, States File Recommendations with FERC for Use of Funds Disgorged by Alleged Wholesale Electric Market Manipulator, September 10, 2012.

PULP Network, FERC Urged to Use Portion of Funds Disgorged by Alleged Wholesale Electricity Market Manipulator to Bolster Utility Consumer Advocacy, July 11, 2012.

PULP Network, FERC ALJ Decides Motions of Parties Seeking Role in Proposing to FERC Uses of Disgorged $78 Million NYISO Market Gaming Profits, Clarifies Process, July 11, 2012.

PULP Network, New York Formulating Plans to Use $78 Million Disgorged by Energy Trader for the Benefit of Electricity Consumers, June 16,2012.

Greenberg Traurig, FERC Takes Additional Steps to Enhance Energy Market Oversight in the Wake of Recent Enforcement Actions, May 3, 2012

Papers filed with FERC in Case IN12-7 are here.

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