Vitol, key trader face $8 million fine over alleged market manipulation in Cal-ISO

摘要

The Federal Energy Regulatory Commission gave theenergy trading company Vitol and one of its traders 30 days to respondto allegations that they engaged in a 2013 cross-product marketmanipulation scheme and explain why they should not have tocollectively pay over $8 million in civil penalties and disgorged profits.In a show-cause order (IN14-4) issued Wednesday, the commissionasked Vitol and Federico Corteggiano, the co-head of the company’sfinancial transmission rights trading operation, to defend their tradingactivity in California Independent System Operator’s market fromOctober 28, 2013, to November 1, 2013, against enforcement staff’sfindings that they violated a Federal Power Act prohibition on energymarket manipulation and FERC’s anti-manipulation rule.