Modern Energy Market Manipulation

As long as commodity and securities markets have been in operation, market manipulation has been a serious concern. Now that many electricity and natural gas markets have been opened to competition, manipulation threatens to destroy the value of these markets as well. Yet market manipulation itself remains ill-defined, with uncertain legal and economic principles operating on both sides of regulatory proceedings. 
Andrew N. Kleit’s Modern Energy Market Manipulation offers an in-depth exploration of this crucial gray area. It presents a coherent definition of market manipulation, and drawing upon the substantial available legal evidence, it examines two categories of manipulation cases: those in which the allegations clearly fit the definition of manipulation but in which the facts of the case are unclear, and conversely, those in which the facts of the case are clear but in which it is uncertain whether they actually constitute manipulation. Throughout his discussions, Professor Kleit casts a critical eye not only on energy companies but also on the legal decisions and processes at the Federal Energy Regulatory Commission, which acts as both prosecutor and judge in manipulation matters, and which has consistently sided with its own staff and against defendants. As this book deftly shows, both defendants and prosecutors alike have benefitted from the ambiguities at the heart of existing definitions of market manipulation. 
Modern Energy Market Manipulation is essential reading for regulators, jurists, litigants, and business managers, and it is of interest to anyone who wants to learn about the enforcement mechanisms of federal regulators.

“The author examines modern energy market manipulation. He addresses the relevant financial issues and definition of manipulation; the basic economics of manipulation; relevant historical cases; the DiPlacido case; the basic structure of restructured electricity markets; and specific energy manipulation cases of the Federal Energy Regulatory Commission, involving the manipulation of California's electricity markets, the Deutsche Bank case, Amaranth and Brian Hunter, the BP America case, the Barclays case, Rumford and Silkman, and Powhatan.”

-- Annotation ©2018 (protoview.com)

Andrew N. Kleit is Professor of Energy and Environmental Economics and MICASU Faculty Fellow at the Pennsylvania State University. With a Ph.D. in Economics from Yale University, Professor Kleit is the author of over 70 refereed academic articles, focusing in the areas of energy regulation and antitrust. He is also the editor of two previous books about electricity markets.

Professor Kleit has extensive government service, having worked at President's Council of Economic Advisors, the Federal Trade Commission, the Canadian Competition Bureau, the Commodity Futures Trading Commission and the Federal Energy Regulatory Commission.

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