Vitol, trader warn of chilling market impact from ‘implausible’ market-manipulation probe

摘要

Energy trading company Vitol and one of its traders urged the FederalEnergy Regulatory Commission to close an investigation into analleged 2013 cross-product market manipulation scheme, denying anywrongdoing and asserting that continuing the enforcement probecould create uncertainty that undermines the public interest and chillsmarket activity.FERC enforcement staff’s probe alleges that Vitol sold electricpower at a financial loss in the California Independent SystemOperator day-ahead market to eliminate export congestion that hadthe potential to cause $1.23 million in losses to Vitol’s congestionrevenue rights.