June 13, 2024

Powhatan Energy Fund

Powhatan Energy Fund
Powhatan Energy to Declare Bankruptcy
Powhatan Energy Fund is filing for Chapter 7 bankruptcy, effectively ending more than a decade of litigation.
Powhatan Energy Fund
FERC Loses Again on ‘De Novo’ Review
A federal judge last week handed FERC another defeat in its battles with traders over how courts review market manipulation allegations.
FERC: PJM Entitled to Recoup Line-Loss Credits
PJM told FERC that it has already recovered $9 million of the approximately $37 million the RTO paid out to virtual traders through its marginal loss surplus allocation.
FERC Enforcement Process Under Fire in House Hearing
FERC was the subject of intense criticism Wednesday and Thursday as members of a congressional subcommittee considered legislation to rein in the agency’s Office of Enforcement.
FERC Orders Gates, Powhatan to Pay $34.5 Million; Next Stop, Federal Court?
Rich and Kevin Gates say they will force FERC to collect $34.5 million in federal court, where a statute of limitations defense could reduce the penalties.
Bowring, Gates’ Consultant Spar over PJM Traders’ Obligations on Loopholes
PJM Market Monitor Joe Bowring had a lively debate with one of the consultants for Powhatan Energy over the “duty” of market participants to self-police against market manipulation.
PJM Asks FERC for Direction on Refunds from Illegal Trades
PJM has asked FERC to untangle the question of how profits from trades that are determined to be illegal get calculated and refunded.
Powhatan Fires Back at PJM
Powhatan Energy Fund, already embroiled in a battle with FERC’s Office of Enforcement, have now taken on PJM.
Gates, Powhatan Say FERC Enforcers Didn’t Share Crucial Info
Attorneys for Powhatan Energy Fund and Kevin Gates accused FERC's Office of Enforcement of withholding information that could exonerate their clients in a high-profile market manipulation case.
FERC Staff Seeks $30 Million Fine in Powhatan Case
FERC issued an Order to Show Cause seeking $29.8 million in fines from the Powhatan Fund, in a case that became the centerpiece of a debate over FERC enforcement policy during Commissioner Norman Bay’s confirmation process earlier this year.

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