Market Power and Market Manipulation in Energy Markets:
From the California Crisis to the Present

By Gary Taylor, J.D., Shaun Ledgerwood, Ph.D., J.D.,
Romkaew Broehm, Ph.D., Peter Fox-Penner, Ph.D.

Designed for attorneys, energy traders, compliance personnel, energy economists, regulators, and students, this book provides the reader with a unique understanding of market power and market manipulation in energy markets. In discussing the development of statutory and regulatory enforcement systems devised in wake of the California Power Crisis, the book provides an analytical framework for understanding the legal and economic nuances associated with market manipulation in its various forms. Consistent with the logic of the manipulation enforcement actions recently brought by the FERC and CFTC, this framework provides perspective as to the future of manipulation compliance and enforcement under these agencies' continuing mandates.

This First Edition provides:
? An introduction to the similarities and differences between market power and market manipulation;
? A discussion of how market power may be diagnosed in electricity markets;
? An overview of the evolution of the Western Power Crisis;
? A chronicle of the litigation that stemmed from the Crisis;
? A study of the exercise of market power during the Crisis and the analytic techniques for identifying and measuring it in power markets;
? A discussion of Enron's manipulative strategies that involved fraud rather than market power;
? An explanation of why FERC's then-existing regulatory systems were poorly suited to stop or remedy the Crisis;
? The evolution of FERC's Office of Enforcement and adoption of a fraud-based anti-manipulation rule;
? An economic framework for the analysis of market manipulation;
? A discussion of how to implement this framework for manipulation compliance and enforcement; and
? Application of the framework to recent manipulation cases prosecuted by FERC and CFTC.

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• Print Length: 442 Pages
• File Size: 43 KB