Public Citizen, Watchdog, Says BP Companies are Serial Manipulators of Gas and Electric Markets, Despite Federal Agency Monitors

摘要

Public Citizen, Inc., by letter, weighed in on allegations by FERC Enforcement Staff that four BP subsidiaries manipulated the Houston Ship Channel-Katy Hub natural gas price spread over several months in late 2008. FERC has proposed a $28 million fine, plus disgorgement of $800,000 in unjust profits with respect to activities charged to BP America Inc., BP Corp. North America Inc., BP America Production Co., and BP Energy Co. (IN13-15). Public Citizen noted that "this alleged manipulation in late 2008 occurred shortly after multiple federal agencies, including FERC, found evidence of wrongdoing by these and other BP subsidiaries at around the same time as alleged in the Show Cause order at issue in this docket. As part of at least one of those other settlements, BP was ordered to undergo compliance monitoring which covered the time period in which FERC alleges BP “manipulated the ... natural gas price spread." The "watchdog" organization suggests that the agencies were not doing their job. Accordingly, BP's blanket monitoring certificates should be revoked.