Modern energy market manipulation / by Andrew N. Kleit (Professor of Energy and Environmental Economics the Pennsylvania State University, University Park, PA, USA).

Format:

Book

Author/Creator:

Kleit, Andrew N., author.

Language:

English

Subjects (All):

Energy industries--Corrupt practices.

Energy industries.

Fraud.

Physical Description:

1 online resource (240 pages)

Edition:

First edition.

Place of Publication:

London, England : Emerald Publishing Limited, [2019]

Summary:

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.

Contents:

Prelims

Chapter 1 What is manipulation? What is not manipulation?

Chapter 2 Economic theories of manipulation

Chapter 3 Some historical manipulation cases, or understanding why the Hunt brothers did not manipulate the silver market

Chapter 4 DiPlacido: the CFTC confuses manipulation and hedging

Chapter 5 Introduction to electricity markets

Chapter 6 Were California's electricity markets manipulated, and by whom?

Chapter 7 Deutsche Bank: what should the legal rule for trading financial transmission rights be?

Chapter 8 Amaranth and Brian Hunter: you certainly look guilty

Chapter 9 BP America: let the best story win!

Chapter 10 Barclays: the defendant meets Mr. Kafka

Chapter 11 Rumford and Silkman: money for nothing, kicks for free

Chapter 12 Powhatan: what is manipulation?

Chapter 13 Some final thoughts

Name index

Subject index.

Notes:

Includes bibliographical references and index.

Print version record

ISBN:

9781787439191

1787439194

9781787433854

1787433854

OCLC:

1063982885