admin
07-24-2003, 04:55 PM
FERC, the Federal Energy Regulatory Commission has finished an extensive study of the recent price spikes in natural gas.
Press reports state:
"Investigators at the Federal Energy Regulatory Commission and the Commodity Futures Trading Commission analyzed thousands of natural gas trades and subpoenaed 16 brokers after natural gas prices tripled in some areas.
The investigative team concluded that gas prices were "extreme, although legitimate," Steve Harvey, deputy director of oversight and assessment in the commission's Office of Market Oversight and Investigations, told the commission."
However, the above statement does not mean each and every firm has come out of the investigation without some scars. Months ago FERC was concerned that some firms were reporting fraudulent data.
"Last year, regulators launched a major investigation to determine whether traders were routinely faking data as a way to gain an advantage in the market. The FERN issued a scathing assessment of trading practices at companies like Houston-based Dynegy, Reliant Resources and El Paso Corp.
Two former energy traders, from El Paso and Dynegy, face criminal charges, accused of having lied to the trade publications. Both have pleaded innocent."
Read article:
http://www.chron.com/cs/CDA/ssistory.mpl/business/2009412
Press reports state:
"Investigators at the Federal Energy Regulatory Commission and the Commodity Futures Trading Commission analyzed thousands of natural gas trades and subpoenaed 16 brokers after natural gas prices tripled in some areas.
The investigative team concluded that gas prices were "extreme, although legitimate," Steve Harvey, deputy director of oversight and assessment in the commission's Office of Market Oversight and Investigations, told the commission."
However, the above statement does not mean each and every firm has come out of the investigation without some scars. Months ago FERC was concerned that some firms were reporting fraudulent data.
"Last year, regulators launched a major investigation to determine whether traders were routinely faking data as a way to gain an advantage in the market. The FERN issued a scathing assessment of trading practices at companies like Houston-based Dynegy, Reliant Resources and El Paso Corp.
Two former energy traders, from El Paso and Dynegy, face criminal charges, accused of having lied to the trade publications. Both have pleaded innocent."
Read article:
http://www.chron.com/cs/CDA/ssistory.mpl/business/2009412